Solution
Material Price Variance | $ 1,400.00 | Favourable-F |
Material quantity variance | $ 2,756.25 | Unfavourable-U |
Labor rate variance | $ 5,005.00 | Unfavourable-U |
Labor Efficiency variance | $ 2,840.00 | Unfavourable-U |
Alternate answer for material price variance
Material Price Variance | $ 787.50 | Favourable-F |
Working
Material Price Variance | ||||||
( | Standard Rate | - | Actual Rate | ) | x | Actual Quantity |
( | $ 0.35 | - | $ 0.33 | ) | x | 70000 |
1400 | ||||||
Variance | $ 1,400.00 | Favourable-F |
.
Actual DATA for | 4500 | Units | |
Quantity (AQ) | Rate (AR) | Actual Cost | |
Direct Material | 39375 | $ 0.33 | $ 12,993.75 |
Direct labor | 7150 | $ 7.80 | $ 55,770.00 |
.
Standard DATA for | 4500 | Units | |
Quantity (SQ) | Rate (SR) | Standard Cost | |
[A] | [B] | [A x B] | |
Direct Material | ( 7 microns x 4500 Units)=31500 microns | $ 0.35 | $ 11,025.00 |
Direct labor | ( 1.5 Hour x 4500 Units)=6750 Hour | $ 7.10 | $ 47,925.00 |
.
Material Quantity Variance | ||||||
( | Standard Quantity | - | Actual Quantity | ) | x | Standard Rate |
( | 31500 | - | 39375 | ) | x | $ 0.35 |
-2756.25 | ||||||
Variance | $ 2,756.25 | Unfavourable-U |
.
Labor Rate Variance | ||||||
( | Standard Rate | - | Actual Rate | ) | x | Actual Labor Hours |
( | $ 7.10 | - | $ 7.80 | ) | x | 7150 |
-5005 | ||||||
Variance | $ 5,005.00 | Unfavourable-U | ||||
Labour Efficiency Variance | ||||||
( | Standard Hours | - | Actual Hours | ) | x | Standard Rate |
( | 6750 | - | 7150 | ) | x | $ 7.10 |
-2840 | ||||||
Variance | $ 2,840.00 | 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: 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: 6 microns per toy at $0.31 per micron Direct labor: 1.4 hours per toy at $7.20 per hour During July, the company produced 5,100 Maze toys. The toy's production data for the month are as follows: Direct materials. 75,000 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 $0.34 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: 8 microns per toy at $0.34 per micron Direct labor: 1.4 hours per toy at $6.50 per hour During July, the company produced 5,300 Maze toys. The toy's production data for the month are as follows: Direct materials. 78,000 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 $0.35 per micron Direct labor: 1.1 hours per toy at $6.50 per hour During July, the company produced 4,600 Maze toys. The toy's production data for the month are as follows: Direct materials: 72,000 microns were purchased at a cost of...