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

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

90.2K

Verified Solution

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 $0.32 per micron

Direct labor: 1.5 hours per toy at $6.50 per hour

During July, the company produced 5,400 Maze toys. The toy's production data for the month are as follows:

Direct materials: 76,000 microns were purchased at a cost of $0.30 per micron. 22,000 of these microns were still in inventory at the end of the month.

Direct labor: 8,700 direct labor-hours were worked at a cost of $61,770.

Required:

1. 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 answer to the nearest whole dollar amount.)

a. The materials price and quantity variances.

b. The labor rate and efficiency variances.

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

Calculus
1.2K views

15 Which of the following has the best price per unit 1 pt Brand B...

Statistics
1.2K views

There are 20 total socks, 10 white and 10 black. This makes 10 total matching pairs...

Biology
1.2K views

Describe the steps in a bacteriophage and describe events that occur on an agar plate containing...

Programming
1.2K views

Implement the minimum priority queue UnsortedMPQ (using vector) that is a child class of the provided...

Biology
1.2K views

Which of the following option is NOT available in the Display for Review box All...

Statistics
1.2K views

Question Draw Graph Reset O Watch Video The function f x log x 3 4...

Calculus
1.2K views

Use the symbols provided below to fill in the phase line for the differential equation...

Calculus
1.2K views

Determine the area of the shaded region bounded by y x 4x and y x...

Algebra
1.2K views

What are the domain restrictions of Oq 1 and q 8 O q 1 and...

Algebra
1.2K views

x 3y 3z 3 2yz 0 4yz 4x 3 a Express the system in matrix...

Accounting
1.2K views

SECTION B. Answer any 2 questions from this section Question Two...

Accounting
1.2K views

Please help. The budgets of four companies yield the following information: Read the...