Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. prac 9 q4 dawson toys, limited, produces a toy

prac 9 q4 Dawson Toys, Limited, produces a toy called the...

60.1K

Verified Solution

Question

Accounting

prac 9 q4
image
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: 7 microns per toy at $0.31 per micron Direct labor: 12 hours per toy at $6.60 per hour During July, the company produced 5,100 Maze toys. The toy's production data for the month are as follows: Direct materials: 76,000 microns were purchased at a cost of $0.28 per micron. 31,375 of these microns were stil in inventory at the end of the month. Direct labor 6,520 direct labor-hours were worked at a cost of $46,944. 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 answers 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