Answer
1a |
Material Price Variance |
$ 1,500.00 (or $ 765 if actual qty used is considered) |
Favourable-F |
Material Quantity Variance |
$ 2,372.00 |
Unfavourable-U |
|
1b |
Labor Rate Variance |
$ 3,056.00 |
Unfavourable-U |
Labour Efficiency Variance |
$ 3,600.00 |
Unfavourable-U |
Material Price Variance |
||||||
( |
Standard Rate |
- |
Actual Rate |
) |
x |
Actual Quantity |
( |
$ 0.31 |
- |
$ 0.29 |
) |
x |
75000 |
1500 |
||||||
Variance |
$ 1,500.00 |
Favourable-F |
Material Quantity Variance |
||||||
( |
Standard Quantity |
- |
Actual Quantity |
) |
x |
Standard Rate |
( |
30600 |
- |
38250 |
) |
x |
$ 0.31 |
-2371.5 |
||||||
Variance |
$ 2,371.50 |
Unfavourable-U |
Labor Rate Variance |
||||||
( |
Standard Rate |
- |
Actual Rate |
) |
x |
Actual Labor Hours |
( |
$ 7.20 |
- |
$ 7.60 |
) |
x |
7640 |
-3056 |
||||||
Variance |
$ 3,056.00 |
Unfavourable-U |
||||
Labour Efficiency Variance |
||||||
( |
Standard Hours |
- |
Actual Hours |
) |
x |
Standard Rate |
( |
7140 |
- |
7640 |
) |
x |
$ 7.20 |
-3600 |
||||||
Variance |
$ 3,600.00 |
Unfavourable-U |
Dawson Toys, Ltd., produces a toy called the Maze. The company has recently established a standard...
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: 7 microns per toy at $0.34 per micron Direct labor: 1.4 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: 72,000 microns were purchased at a cost of...
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: 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...
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: 7 microns per toy at 50.33 per micron Direct labor 1.2 hours per toy at $7.20 per hour During July, the company produced 5,000 Maze toys. Production data for the month on the toy follow Direct materials: 74.000 microns were purchased at a cost of $0.20...
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: 6 microns per toy at $0.34 per micron Direct labor: 12 hours per toy at $710 per hour During July, the company produced 4,800 Maze toys. The toy's production data for the month are as follows: Direct materials: 74,000 microns were purchased at a cost of...
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 $0.33 per micron Direct labor: 1.4 hours per toy at $7.10 per hour During July, the company produced 4,900 Maze toys. The toy's production data for the month are as follows: Direct materials: 79,000 microns were purchased at a cost of...
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: 6 microns per toy at $0.33 per micron Direct labor: 1.4 hours per toy at $7.30 per hour During July, the company produced 5,200 Maze toys. The toy's production data for the month are as follows: Direct materials: 76,000 microns were purchased at a cost of...
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: 7 microns per toy at $0.34 per micron Direct labor: 1.3 hours per toy at $7.50 per hour During July, the company produced 4,700 Maze toys. The toy's production data for the month are as follows: Direct materials: 72,000 microns were purchased at a cost of...
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: 7 microns per toy at $0.31 per micron Direct labor: 1.1 hours per toy at $6.80 per hour During July, the company produced 5,500 Maze toys. The toy's production data for the month are as follows: Direct materials: 77,000 microns were purchased at a cost of...
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: 1.4 hours per toy at $7.10 per hour During July, the company produced 4,700 Maze toys. The toy's production data for the month are as follows: Direct materials: 73,000 microns were purchased at a cost of...
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: 7 microns per toy at $0.35 per micron Direct labor: 1.5 hours per toy at $7.10 per hour During July, the company produced 4,500 Maze toys. The toy's production data for the month are as follows: Direct materials: 70,000 microns were purchased at a cost of...