3 25Dawson Toys, Limited, produces a toy called the Maze with the following standards:Direct materials: 7 microns per toy at $0.30 per micronDirect labor: 1.2 hours per toy at $7.10 per hourDuring July, the company produced 5,500 Maze toys. The toy's production data for the month are as follows:Direct materials: 73,000 microns were purchased at a cost of $0.28 per micron. 24,875 of these microns were stillin inventory at the end of the month.Direct labor. 7,000 direct labor-hours were worked at a cost of $51,800.Required:1. Compute the following variances for July:Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" forno 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.1a. Material price variance1a. Material quantity variance1b. Labor rate variance1b. Labor efficiency variance+

Lets understand the basics.Material price variance is a variance between the rate at which material…

Dawson Toys, Limited, produces a toy called the Maze with the following standards: Direct materials: 7 microns per toy at $0.30 per micron Direct labor: 1.2 hours per toy at $7.10 per hour During July, the company produced 5,500 Maze toys. The toy's production data for the month are as follows: Direct materials: 73,000 microns were purchased at a cost of $0.28 per micron. 24,875 of these microns were still in inventory at the end of the month. Direct labor. 7,000 direct labor-hours were worked at a cost of $51,800. Required:

Dawson Toys, Limited, produces a toy called the Maze with the following standards: Direct materials: 7 microns per toy at $0.30 per micron Direct labor: 1.2 hours per toy at $7.10 per hour During July, the company produced 5,500 Maze toys. The toy's production data for the month are as follows: Direct materials: 73,000 microns were purchased at a cost of $0.28 per micron. 24,875 of these microns were still in inventory at the end of the month. Direct labor. 7,000 direct labor-hours were worked at a cost of $51,800. Required:

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter8: Standard Cost Accounting—materials, Labor, And Factory Overhead

Section: Chapter Questions

Problem 10E: Standard unit cost and journal entries The normal capacity of Algonquin Adhesives Inc. is 40,000...

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Dawson Toys, Limited, produces a toy called the Maze with the following standards: Direct materials: 7 microns per toy at $0.33 per micron Direct labor: 1.3 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. 73,000 microns were purchased at a cost of $0.30 per micron. 26,625 of these microns were still in inventory at the end of the month. Direct labor. 7,290 direct labor-hours were worked at a cost of $56,133. Required: 1. 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. a. The materials price and quantity variances. b. The labor rate and efficiency variances. 1a. Material price variance 1a. Material quantity…
Dawson Toys, Limited, produces a toy called the Maze with the following standards: Direct materials: 6 microns per toy at $0.34 per micron Direct labor: 1.1 hours per toy at $7.30 per hour During July, the company produced 5,300 Maze toys. The toy's production data for the month are as follows: Direct materials.: 77,000 microns were purchased at a cost of $0.32 per micron. 37,250 of these microns were still in inventory at the end of the month. Direct labor: 6,330 direct labor-hours were worked at a cost of $49,374. Required: 1. 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. a. The materials price and quantity variances. b. The labor rate and efficiency variances. 1a. Material price variance 1a. Material quantity…
Dawson Toys, Limited, produces a toy called the Maze with the following standards: Direct materials: 7 microns per toy at $0.35 per micron Direct labor: 1.5 hours per toy at $6.80 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 $0.32 per micron. 31,375 of these microns were still in inventory at the end of the month. Direct labor. 8,050 direct labor-hours were worked at a cost of $58,765. Required: 1. 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. a. The materials price and quantity variances. b. The labor rate and efficiency variances.
Dawson Toys, Limited, produces a toy called the Maze with the following standards: Direct materials: 7 microns per toy at $0.30 per micron Direct labor: 1.3 hours per toy at $7.00 per hour During July, the company produced 4,800 Maze toys. The toy's production data for the month are as follows: Direct materials: 77,000 microns were purchased at a cost of $0.29 per micron. 35,000 of these microns were still in inventory at the end of the month. Direct labor. 6,540 direct labor-hours were worked at a cost of $49,704. Required: 1. 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 mounts as positive values. Do round intermediate calculations. Round final answer the earest whole dollar amount. a. The materials price and quantity variances. b. The labor rate and efficiency variances. 1a. Material price variance 1a. Material quantity variance 1b.…
Dawson Toys, Limited, produces a toy called the Maze with the following standards: Direct materials: 6 microns per toy at $0.34 per micron Direct labor. 12 hours per toy at $7.40 per hour During July, the company produced 5,400 Maze toys. The toy's production data for the month are as follows: Direct materials. 77,000 microns were purchased at a cost of $0.31 per micron. 36,500 of these microns were still in inventory at the end of the month. Direct labor 7,080 direct labor-hours were worked at a cost of $56,640. Required: 1. 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. a. The materials price and quantity variances. b. The labor rate and efficiency variances. 1a. Material price variance 1a. Material quantity variance…
Dawson Toys, Ltd., 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 $1.50 per micron Direct labor: 1.3 hours per toy at $21 per hour During July, the company produced 3,000 Maze toys. The toy's production data for the month are as follows: Direct materials: 25,000 microns were purchased at a cost of $1.48 per micron. 5,000 of these microns were still in inventory at the end of the month. Direct labor. 4,000 direct labor-hours were worked at a cost of $88,000. 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.) a. The materials price and quantity variances. b. The labor rate and efficiency variances. 1а. Material price variance Material quantity…