New RBI Grade B 2025 Notification will come Soon! Enroll Here

    Question

    With respect to standard costing, which of the following

    statement is incorrect?
    A Material Mix Variance = [Standard Cost of Actual Quantity in Standard Proportion – Standard Cost of Actual Quantity] Correct Answer Incorrect Answer
    B Material Usage variance = [Standard Cost of Standard Quantity for Actual Production – Standard Cost of Actual Quantity] Correct Answer Incorrect Answer
    C Material Cost Variance = [Standard Cost – Actual Cost] Correct Answer Incorrect Answer
    D Material Price Variance = [Standard Cost of Standard Quantity – Actual Cost] Correct Answer Incorrect Answer

    Solution

    The correct answer is D

    Practice Next

    Relevant for Exams: