Standard cost Q: Find direct material variance, price variance, quanity variance.

[blue123]

Hi, I'm stuck on my assignement.
In the question im supposed to find the direct material variance. I have to find the price variance and quantity variance the problem is i am not given the actual quantity or actual price. I am having trouble finding it.

standard costs for material :
5 kg @ $4 = 20$ per unit

For actual cost I am given $200,000 for direct material. and 300,000$ for direct labor cost. All the materials purchased were used. But I am not given the actual price or quantity. It also said that there are 10,000 unit produced. Also it gives the amount of 70$ actual cost per unit.



How do I approach this problem? How do I find the actual quantity and price?
​

 

[Deleted member 4993]

Hi, I'm stuck on my assignement.
In the question im supposed to find the direct material variance. I have to find the price variance and quantity variance the problem is i am not given the actual quantity or actual price. I am having trouble finding it.

standard costs for material :
5 kg @ $4 = 20$ per unit

For actual cost I am given $200,000 for direct material. and 300,000$ for direct labor cost. All the materials purchased were used. But I am not given the actual price or quantity. It also said that there are 10,000 unit produced. Also it gives the amount of 70$ actual cost per unit.



How do I approach this problem? How do I find the actual quantity and price?
​

Can you tell us the definition of actual cost? or

What does actual cost comprise of?

 

[stapel]

In the question, I'm supposed to find the direct material variance. I have to find the price variance and quantity variance the problem is i am not given the actual quantity or actual price. I am having trouble finding it.

standard costs for material :
5 kg @ $4 = 20$ per unit

For actual cost I am given $200,000 for direct material [costs] and $300,000 for direct labor cost. All the materials purchased were used. But I am not given the actual price or quantity. It also said that there are 10,000 unit produced. Also it gives the amount of $70 actual cost per unit.

How do I approach this problem? How do I find the actual quantity and price?

What methods did they teach you in class? What process does your book show? Were you given anything similar to online lessons like this?