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Define Materials cost variance
Material cost variance (MCV) is the difference between the standard cost of material specified and the actual cost of materials used." It is the total variance caused by the variations in prices of materials, usage or mix, yield and other causes.
If the standard cost is more than the actual cost the variance will be favorable and on the other hand if the actual cost is more than the standard cost the variance will be unfavorable or adverse.
Innova uses 1,056 units of the component IMC2 every month to manufacture one of its products. The unit costs incurred to manufacture the component are as follows. Direct material
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