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What is material mix variance?
Material Mix Variance better known as MMV is actuallyis the outcome of the deviation of the genuine composition of a mixture of material as compared to its standard one.
Generally, material mix arises when there is a difference, or some sort of change in the composition of the material mixture and this type of scenario occurs when one or more than one type of materials are usedin definite percentage. To get more information on material mix variance learners can seek for Material Mix Variance homework help.
Formula for calculating material mix variance?
Before mentioning the formula of material mix variance, it is important to note that it is actually an extension of the material usage variance.
MMV = SC (AI) – SC(AQ)
{Standard Cost for Actual Input – Standard Cost of Actual Quantity}
or, MMV = [SQ(AI) – AQ] x SP
{Difference between Standard Quantity for Actual Input and Actual Quantity x Standard Price}
While calculating MMV, it should be kept in mind that its calculations are actually based on the gross input before abstracting any losses and MMV should be based on grossinput. For more details get Material Mix Variance assignment help from myhomeworkhelp.com.
Steps or scenarios for calculating material mix variance
Most of the students get puzzled with the calculation of MMV as it involves so much of mathematical usage, but now learners will get to know about 2 different steps used in case of calculating MMV, and they are:
- The first step or scenario is when both standard and actual weight of materials are different.
- The second step says when there is no difference between standard weight of material and actual weight of material.
So these are the two steps that will help the learners to calculate MMV easily. Still, if there are some problems unsolved, then they can surely take Material Mix Variance homework help.
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