3 25Dawson Toys, Limited, produces a toy called the Maze with the following standards:Direct materials: 7 microns per toy at $0.30 per micronDirect labor: 1.2 hours per toy at $7.10 per hourDuring July, the company produced 5,500 Maze toys. The toy's production data for the month are as follows:Direct materials: 73,000 microns were purchased at a cost of $0.28 per micron. 24,875 of these microns were stillin inventory at the end of the month.Direct labor. 7,000 direct labor-hours were worked at a cost of $51,800.Required:1. Compute the following variances for July:Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" forno effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations.Round final answer to the nearest whole dollar amount.a. The materials price and quantity variances,b. The labor rate and efficiency variances.1a. Material price variance1a. Material quantity variance1b. Labor rate variance1b. Labor efficiency variance+

Lets understand the basics.Material price variance is a variance between the rate at which material…

Dawson Toys, Limited, produces a toy called the Maze with the following standards: Direct materials: 7 microns per toy at $0.30 per micron Direct labor: 1.2 hours per toy at $7.10 per hour During July, the company produced 5,500 Maze toys. The toy's production data for the month are as follows: Direct materials: 73,000 microns were purchased at a cost of $0.28 per micron. 24,875 of these microns were still in inventory at the end of the month. Direct labor. 7,000 direct labor-hours were worked at a cost of $51,800. Required:

Dawson Toys, Limited, produces a toy called the Maze with the following standards: Direct materials: 7 microns per toy at $0.30 per micron Direct labor: 1.2 hours per toy at $7.10 per hour During July, the company produced 5,500 Maze toys. The toy's production data for the month are as follows: Direct materials: 73,000 microns were purchased at a cost of $0.28 per micron. 24,875 of these microns were still in inventory at the end of the month. Direct labor. 7,000 direct labor-hours were worked at a cost of $51,800. Required:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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