Materials Price Variance = (SP-AP) *AQ
= (0.32-0.29)*79,000
= 2370 F
Materials Quantity Variance = (SQ-AQ) *SP
= (5100*6 - 38,250)*0.32
= 2448 U
Labor Rate Variance = (SR-AR) *AH
= (7.10 - 54901/7130)*7130
= 4278 U
Labor Efficiency variance = (SH-AH) *SR
= (5100*1.3 - 7130)*7.10
= 3550 U
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Dawson Toys, Lt., produces a toy called the Maze. The company has recently created a standard...
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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...
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