Question: I need help finding the accurate solution to this general accounting problem with valid methods. Summit Manufacturing, Inc., has collected the following data on one

I need help finding the accurate solution to this general accounting problem with valid methods.

Summit Manufacturing, Inc., has collected the following data on one of its products: Direct materials standard: 2 kg @ $5/kg = $10 per finished unit Total direct materials cost variance (unfavorable): $25,000 Actual direct materials used: 85,000 kg Actual finished units produced: 40,000 units Calculate the price variance and quantity variance for direct materials

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