Question

Dawson Toys, Ltd., produces a toy called the Maze. The company has recently established a standard cost system to help contro

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Answer #1

Answer

  • Requirements

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

  • Working

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

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