Formula for material price variance

Q. The formula to calculate material price variance is
- Published on 04 Sep 15

a. Total standard cost - Total actual cost

b. Standard cost of revised standard mix - Standard cost of actual mix

c. (Standard unit price - Actual unit price) * Actual quantity used

d. (Standard quantity - Actual quantity) * Unit standard price

ANSWER: (Standard unit price - Actual unit price) * Actual quantity used

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