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

To calculate the Direct Material Cost Variance, we need to break it down into two main components: the Material Price Variance (MPV) and the Material Usage Variance (MUV).

1. Material Price Variance (MPV)

The Material Price Variance is the difference between the actual cost incurred for the materials and the cost that should have been incurred at the standard price. It reflects the impact of paying more or less than the standard price for the materials used.

The formula for Material Price Variance (MPV) is:

MPV=(Actual Price−Standard Price)×Actual Quantity Consumed\text{MPV} = (\text{Actual Price} - \text{Standard Price}) \times \text{Actual Quantity Consumed}

Given:

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