Standard Units/hour rate Cost 1.5 21 Flexible for 3000 toys Actual of 3000 toys Units/hour rate Cost Units/hour rate cost 9 18000 1.5 27000 20000 1.48 29600 27.31 3900 21 819001 4000 2288000 Direct Material Direct Labor 1.31 1 Direct Material Price Variant (standard Price - actual price) *actual quantity (1.5-1.48)*20000 400 F Direct Material Quantity Var (Standard Qty - Actual Qty used)* Standard Price (18000-20000) *1.5 -3000 U 2 Labor rate Variance (Standard rate-actual rate)*actual hours (21-22)*4000 -4000 U (standard Hours-actual hours) *standard rate (3900-4000)*21 -2100 U Labor Efficiency variance Material Price Variance Material Quantity variance Labor rate Variance Labor Efficiency Variance 400 F -3000 U -4000 U -21000
updated answer
Standard | Flexible for 3000 toys | Actual of 3000 toys | ||||||||
Units/hour | rate | Cost | Units/hour | rate | Cost | Units/hour | rate | Cost | ||
Direct Material | 6 | $1.50 | $9.00 | 18000 | $1.50 | $27,000.00 | 20000 | $1.48 | $29,600.00 | |
Direct Labor | 1.3 | $21.00 | $27.30 | 3900 | $21.00 | $81,900.00 | 4000 | $22.00 | $88,000.00 | |
1 | Direct Material Price Variance | (standard Price - actual price)*actual quantity | ||||||||
($1.5-$1.48)*20000units | ||||||||||
$400.00 | F | |||||||||
Direct Material Quantity Variance | (Standard Qty - Actual Qty used)* Standard Price | |||||||||
(18000units-20000units)*$1.5 | ||||||||||
-$3,000.00 | U | |||||||||
2 | Labor rate Variance | (Standard rate -actual rate)*actual hours | ||||||||
($21-$22)*4000hours | ||||||||||
-$4,000.00 | U | |||||||||
Labor Efficiency variance | (standard Hours-actual hours)*standard rate | |||||||||
(3900hrs-4000hrs)*$21 | ||||||||||
-$2,100.00 | U | |||||||||
Material Price Variance | $400.00 | F | ||||||||
Material Quantity variance | -$3,000.00 | U | ||||||||
Labor rate Variance | -$4,000.00 | U | ||||||||
Labor Efficiency Variance | -$2,100.00 | 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 $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...
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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...
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...