Dawson Toys, Limited, produces a toy called the Maze. The company has recently created a...
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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: microns per toy at $ per micron Direct labor: hours per toy at $ per hour During July, the company produced Maze toys. The toy's production data for the month are as follows: Direct materials: microns were purchased at a cost of $ per micron. of these microns were still in inventory at the end of the month. Direct labor: direct laborhours were worked at a cost of $ Required: Compute the following variances for July: Indicate the effect of each variance by selecting F for favorable, U for unfavorable, and "None" for no effect ie zero variance Input all amounts as positive values. Do not round intermediate calculations. Round final answers to the nearest whole dollar amount. a The materials price and quantity variances. b The labor rate and efficiency variances.
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: microns per toy at $ per micron
Direct labor: hours per toy at $ per hour
During July, the company produced Maze toys. The toy's production data for the month are as follows:
Direct materials: microns were purchased at a cost of $ per micron. of these microns were still in inventory at the end of the month.
Direct labor: direct laborhours were worked at a cost of $
Required:
Compute the following variances for July: Indicate the effect of each variance by selecting F for favorable, U for unfavorable, and "None" for no effect ie zero variance Input all amounts as positive values. Do not round intermediate calculations. Round final answers to the nearest whole dollar amount.
a The materials price and quantity variances.
b The labor rate and efficiency variances.
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