Please do not give solution in image format thanku 1Dawson Toys, Limited, produces a toy called the Maze. The company has recently created astandard cost system to help control costs and has established the following standards forthe Maze toy:Direct materials: 7 microns per toy at $0.30 per micronDirect labor: 1.3 hours per toy at $7.10 per hourDuring July, the company produced 4,800 Maze toys. The toy's production data for themonth are as follows:Direct materials: 79,000 microns were purchased at a cost of $0.28 per micron. 37,000 ofthese microns were still in inventory at the end of the month.Direct labor. 6,740 direct labor-hours were worked at a cost of $51,224.Required:1. Compute the following variances for July: (Indicate the effect of each variance byselecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zerovariance). 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.Material price varianceMaterial quantity varianceLabor rate varianceLabor efficiency variance

Name: Please do not give solution in image format thanku 1Dawson Toys, Limit
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Description: Please do not give solution in image format thanku 1Dawson Toys, Limited, produces a toy called the Maze. The company has recently created astandard cost system to help control costs and has established the following standards forthe Maze toy:Direct

Standard costing is the practise of predicting production-related costs because producers are unable…

Business

Accounting

Dawson Toys, Limited, produces a toy called the Maze. The company has recently created 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 $0.30 per micron Direct labor: 1.3 hours per toy at $7.10 per hour

Dawson Toys, Limited, produces a toy called the Maze. The company has recently created 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 $0.30 per micron Direct labor: 1.3 hours per toy at $7.10 per hour

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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