Which of the following is correct to compute Labour Mix Variance (LMV)?
1
LMV = Actual rate (Revised Std. time-Actual time)
2
LMV Actual time (Std. Rate-Actual rate)
3
LMV Std. Rate (Revised Std. time - Actual time)
4
LMV Std. time (Actual rate - Std. Rate)