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]

B Material Usage variance = [Standard Cost of Standard Quantity for Actual Production – Standard Cost of Actual Quantity]

C Material Cost Variance = [Standard Cost – Actual Cost]

D Material Price Variance = [Standard Cost of Standard Quantity – Actual Cost]

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