Exercise Direct Material: Quantity Variance Number of products produced Quantity standard of material Standard quantity of material Price standard of material Amount of direct material used Direct material quantity variance Direct Labour: Quantity Standard 3470 units Direct labour quantity standard 1.3 hrs/unit 1.8 kg/unit Direct labour price standard 20.00 /hr ? kg Quanity of units produced 3470 units 3.50 /kg Standard hours allowed ? hrs 6100 kg ? Actual number of hours used Direct labour efficiency 4317.027 ? hrs Direct Material: Quantity Variance Direct Material: Price variance Direct Labour: Efficiency Variance Direct Labour: Rate Variance Direct Material (Quanti Quantity Variance) (Direct Material) Price Variance = (Act Direct Materials Used Standard quantity of Actual Quantity of Direct Materials Allowed Unit of Direct Materials) Standard price per unit of D) (Direct Materials Purchased) of ]-[Stan Actual Price per Unit of Direct Materials Direct Labour Efficiency Variance) (Efficie = Actual Direct (Labour Hours Used Actual Rate per (Direct Labour Hour) = Direct Materials Labour Hours Allowed)) Actual Direct Labour Cost Actual Direct Labour Hours Used, Standard Price per Actual Quantity of Standard Rate per Direct Labour Hour Direct Labour Rate Variance- = - ... Rate Rate Hours