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Material Usage Variance (MUV):
This is the variation between the actual quantity of material consumed and standard quantity which should have been consumed, expressed in terms of the standard price of the material.
MUV = Standard price (Standard quantity for actual production - Actual quantity used)
Reasons for usage variance may be
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You have recently graduated from VU and are now working for a small accounting firm. The firm recently purchases MYOB software for internal use. Upon learning that you had learnt M
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