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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)
TYPES OF VARIANCES Variances are computed for the entire three basic elements of cost - direct labour, direct material, and overhead variance 1. Direct labour variance 2.
Important Points Regarding to the Variance Analysis Variance reporting concentrates on both with favourable and unfavourable variances. Normally unfavourable variances are pun
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