Material Price Variance | Explained with Examples

In the lesson, as we continue with standard costing, we look at Material Price Variance. We show and explain the Material Price Variance formula, and explain when a material price variance is favourable and when it is unfavourable.

Timestamps
Material price variance explained: 00:00
Standard costs explained / definition: 00:26
Variance in standard costing explained: 00:50
Standard material price explained: 01:05
Material price formula: 01:26
When is material price variance favourable: 02:08
When is material price variance unfavourable: 02:39
Material price variance example: 03:09

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