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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.
In this method, approximation of various assets here excluding cash and including liabilities are made getting into consideration the transactions in the ensuring period. Afterward
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Under this method, approximation is made of payments and cash receipts in the ensuring period. The dissimilarity of these payments and receipts indicates deficiency or surplus of c
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