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13 January, 07:41

The difference between actual price per unit of input and the standard price per unit of input results in a:

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  1. 13 January, 07:55
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    Price variance

    Explanation:

    In the context of finance, the variance means the difference between standard and the actual

    If we talk about the price variance then it is a difference between the standard price of input and actual price per unit of input

    In mathematically,

    Price variance = Actual price per unit of input - standard price per unit of input results

    Whereas material price variance would be

    Material price variance = Actual Quantity * (Standard Price - Actual Price)

    If the answer comes in favorable that means the standard is high then the actual and in the case of unfavorable, the standard is less then the actual
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