Direct material cost variances (dmcv), Cost Accounting

Direct Material Cost Variances (DMCV)

This variance is a general difference in the standard direct material cost and the actual direct material cost. This variance may be present because of difference in either the price of the material or the quantity that is purchased.

MCV   = Standard cost for actual production - Actual cost

= (Standard quantity x Standard price) - (Actual quantity x Actual price) 

Posted Date: 10/15/2012 7:24:12 AM | Location : United States

Related Discussions:- Direct material cost variances (dmcv), Assignment Help, Ask Question on Direct material cost variances (dmcv), Get Answer, Expert's Help, Direct material cost variances (dmcv) Discussions

Write discussion on Direct material cost variances (dmcv)
Your posts are moderated
Related Questions

Where the liabilities are identified but the amounts cannot be precisely found, we estimate the liability and give for it as a liability. A common illustration is income tax payabl

Standard costing System has the following main advantages or benefits: 1. The process in itself often discloses inefficiencies, because the setting of standards requires a thoro

how to determine reasonable, allowable, allocable, variable, fixed cost of new company

Rosco Company purchased 35,000 shares of common stock of Paxton Corporation as a long-term investment for $900,000. During the year, Paxton Corporation reported net income of $300,

The assets and liabilities of Amos Moving Services at May 31, 2011, the end of the current year, and its revenue and expenses for the year are listed below.  On April 1, 2010, the

Cost Element Stage 1. Cost Elements The raw data concern with Labour, Expenses, and Materials are gathered from Invoices, Payroll, and Requisitions and Goods Issued Notes

The follow data relates ot year 20XX for Plano Manufacturing Company: Units produced - 2,000 Units sold - 1,800 Selling price - $200 / per unit Direct material costs - $80,000 Dire

What depreciation method does Amazon use for property and equipment? What is the range of useful lives for buildings and for fixtures and equipment? Do these useful lives make sens

A company is considering the following alternatives: Alternative 1 Alternative 2 Revenues $240,000 240,000 Variable costs 120,000 140,000 Fixed costs 70,000 70,000 Which of the fol