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Standard costing

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Querist : Anonymous

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Querist : Anonymous (Querist)
12 August 2011 while calculating Material Price Variance(MPV) why we multiply with Actual Qty instead of Standard Qty and in the same line why we multiply with Actual Time taken instead of Standard Time in Labour Rate Variance(LRV)?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
13 August 2011 The variance name itself called price/rate variance, so here the quantity is actual only essential and rate only will be compared with standard and actual
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