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

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Question

Accounting

Dawson Toys, Ltd., produces a toy called the Maze. The company has recently established a standard cost system to help control
costs and has established the following standards for the Maze toy:
Direct materials: 8 microns per toy at $0.34 per micron
Direct labor: 1.2 hours per toy at $7.10 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 $0.32 per micron. 18,000 of these microns were still in inventory at the
end of the month.
Direct labor: 6,960 direct labor-hours were worked at a cost of $53,592.
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 (i.e., 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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