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      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

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