Solution
Material Price Variance | $ 1,600.00 | Favourable-F |
Material quantity variance | $ 2,875.25 | Unfavourable-U |
Labor rate variance | $ 2,784.00 | Unfavourable-U |
Labor Efficiency variance | $ 4,140.00 | Unfavourable-U |
Alternate solution for material price variance
Material Price Variance | $ 927.50 | Favourable-F |
..
Working
Material Price Variance | ||||||
( | Standard Rate | - | Actual Rate | ) | x | Actual Quantity |
( | $ 0.31 | - | $ 0.29 | ) | x | 80000 |
1600 | ||||||
Variance | $ 1,600.00 | Favourable-F | ||||
Material Quantity Variance | ||||||
( | Standard Quantity | - | Actual Quantity | ) | x | Standard Rate |
( | 37100 | - | 46375 | ) | x | $ 0.31 |
-2875.25 | ||||||
Variance | $ 2,875.25 | Unfavourable-U | ||||
Labor Rate Variance | ||||||
( | Standard Rate | - | Actual Rate | ) | x | Actual Labor Hours |
( | $ 6.90 | - | $ 7.30 | ) | x | 6960 |
-2784 | ||||||
Variance | $ 2,784.00 | Unfavourable-U | ||||
Labour Efficiency Variance | ||||||
( | Standard Hours | - | Actual Hours | ) | x | Standard Rate |
( | 6360 | - | 6960 | ) | x | $ 6.90 |
-4140 | ||||||
Variance | $ 4,140.00 | Unfavourable-U |
.
5300 | Toys | ||
Quantity (AQ) | Rate (AR) | Actual Cost | |
Direct Material | 46375 | $ 0.29 | $ 13,448.75 |
Direct labor | 6960 | $ 7.30 | $ 50,808.00 |
.
Standard DATA for | 5300 | Toys | |
Quantity (SQ) | Rate (SR) | Standard Cost | |
[A] | [B] | [A x B] | |
Direct Material | ( 7 microns x 5300 Toys)=37100 microns | $ 0.31 | $ 11,501.00 |
Direct labor | ( 1.2 Hour x 5300 Toys)=6360 Hour | $ 6.90 | $ 43,884.00 |
Dawson Toys, Ltd., produces a toy called the Maze. The company has recently established a standard cost system to help...
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: 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...