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: 8 microns per toy at $0.32 per micron Direct labor: 1.1 hours per toy at $7.10 per hour During July, the company produced 5,300 Maze toys. The toy's production data for the month are as follows: Direct materials: 72,000 microns were purchased at a cost of $0.30 per micron. 19,000 of these microns were still in Inventory at the end of the month. Direct labor. 6,230 direct labor-hours were worked at a cost of $47,971. Required: 1. Compute the following variances for July: (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero varlance). Input all amounts as positive values. Do not round Intermediate calculations. Round final answers to the nearest whole dollar amount.) a. The materials price and quantity variances. b. The labor rate and efficiency variances. 1a. Material price variance 1a. Material quantity variance 1b. Labor rate variance 1b. Labor efficiency variance

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: 8 microns per toy at $0.32 per micron Direct labor: 1.1 hours per toy at $7.10 per hour During July, the company produced 5,300 Maze toys. The toy's production data for the month are as follows: Direct materials: 72,000 microns were purchased at a cost of $0.30 per micron. 19,000 of these microns were still in Inventory at the end of the month. Direct labor. 6,230 direct labor-hours were worked at a cost of $47,971. Required: 1. Compute the following variances for July: (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero varlance). Input all amounts as positive values. Do not round Intermediate calculations. Round final answers to the nearest whole dollar amount.) a. The materials price and quantity variances. b. The labor rate and efficiency variances. 1a. Material price variance 1a. Material quantity variance 1b. Labor rate variance 1b. Labor efficiency variance

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Description: Please do not give solution in image format ? And Fast answering please and explain proper steps by Step. Dawson Toys, Limited, produces a toy called the Maze. The company has recently created a standard cost system tohelp control costs and has estab

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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