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Materials mix variance: It can be described as that portion of direct material usage variance which is the variation between the actual quantities of ingredients used in a mixture at standard price and the entire quantity of ingredients used at the weighted average price for each unit of ingredients as displayed by the standard cost sheet.
MMV = Standard Price (Standard Quantity - Actual Quantity)
(or) when standard is revised because of the shortage of a particular type of material
MMV = Standard Price (Revised Standard Quantity - Actual Quantity)
Where Revised standard quantity = Total weight of actual mix x Standard quantity
Total weight of standard mix
Define cost behavior and Describe types of costs.
Determine why JIT, TQM and AMTs may not always be entirely compatible with the practice of standard costing.
exercise solution
Describe the concept of full cost recovery with illustrative examples.
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