Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. dawson toys, limited, produces a toy called the ma

Dawson Toys, Limited, produces a toy called the Maze. The company has recently created a...

60.1K

Verified Solution

Question

Accounting

Dawson Toys, Limited, produces a toy called the Maze. The company has recently created a standard cost system to help control costs and has established the following standards for the Maze toy:

Direct materials: 6 microns per toy at $0.31 per micron

Direct labor: 1.3 hours per toy at $6.70 per hour

During July, the company produced 5,300 Maze toys. The toy's production data for the month are as follows:

Direct materials: 71,000 microns were purchased at a cost of $0.27 per micron. 31,250 of these microns were still in inventory at the end of the month.

Direct labor: 7,390 direct labor-hours were worked at a cost of $52,469.

Required:

Compute the following variances for July:

Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations. Round final answer to the nearest whole dollar amount.

The materials price and quantity variances.

The labor rate and efficiency variances.

image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

A team of ecologists observed feeding patterns of several populations in the desert. The energy...

Finance
1.2K views

Carnes Cosmetics Co.'s stock price is $57, and it recently paid a $1.75 dividend. This dividend...

Biology
1.2K views

Explain the process of RNAi and how it contributes to differential gene expression

Physics
1.2K views

A closed rigid tank filled with water vapor initially at 20 MPa 520 C is...

Physics
1.2K views

A horizontal rope with 15 N tension drags a 25 kg box 6.5 m to...

Physics
1.2K views

For an inelastic collision the kinetic energy loss is the following 1 mm upp 1...

Basic Math
1.2K views

The grade point averages of 20 college seniors selected at random from a graduating class...

Calculus
1.2K views

Let f(x,y)=x - 4xy-y. Compute f(3,0) and f(3,-3).f(3,0)= (Simplify your answer.)f(3,-3)= (Simplify your answer.)

Calculus
1.2K views

Evaluate the limit using L Hospital s rule 10 11 X lim x 0 X

Calculus
1.2K views

3 Prove that lim 1 x 00 X 00 OD L lim x In X...

Accounting
1.2K views

On March 15, a fire destroyed Interlock Company's entire retail inventory. The inventory on hand...

Accounting
1.2K views

How can you convince a business owner to use a computerized accounting system? Includes what...