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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.
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what are characteristics of relevant cost?
reasons for favourable or adverse variances i.e. prise usage, mix, yeild
What is Direct material cost variance It can be defined as the difference between the standard costs of direct material specified and the actual cost of direct material used.
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