Calculate Direct Material Cost Variance with the help of the following information:

Standard output : 1600 units

Actual output : 2000 units

Standard quantity required per unit : 2 kg

Total quantity actually consumed : 2400 kg

Standard rate per unit : Rs 8 per kg

Actual rate per unit : Rs 10 per kg

Direct Material Cost Variance can be calculated using the following two components:

1. Material Price Variance (MPV):

   MPV=(ActualRate−StandardRate)×ActualQuantityMPV = (Actual Rate - ________ ___ _____ _________ __________.
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