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Material Price Variance is the analysis of cost for its usage and purchasing characteristics. We understand how much hard it must be for any student to cope up in their daily busy schedule and practice assignments. So, we bring you the best service of Material Price Variance homework help at myhomeworkhelp.com.
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What is material price variance?
Material Price Variance is defined as the difference between standard costs and actualcosts for actual quantity of material used/ purchased.
Finding direct material price variance can give us the idea if the organization is in loss or in profit. If the result after calculating direct material price is negative, then it is said to be unfavorable and if not, it is said to be favorable. This is because they pay lesser amount/unit and they are in good profit then.
But always positive result is not good because even if you are in profit, the quality of the material may differ. It turns out to be unfavorable because of the low quality product that’s called an offset because of the unfavorable low quality purpose.
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How is it useful for?
Material Price Variance is useful in many cases that include:
- Determining the purchasing department efficiency
- Track on direct materials at low cost
What are the formulas used?
|DM Price Variance = (AP – SP)×AQ|
Where, AP -Actual Price Used
SP – Standard Price Used
AQ – Actual Quantity Used
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