Dawson Toys, lid, produces a toy called the Maze. The company has recently created a...
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Dawson Toys, lid, 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 Moze toy Direct materials 8 microns per toy at $0 31 per micron Direct lobor. 13 hours per toy at $7.40 per hour During July, the company produced 4700 Maze toys. The toy's production data for the month are as follows: Direct materiais 77000 microns were purchased at a cost of $0.29 per micron 30,000 of these microns were still in inventory at the end of the month. Direct labor 6,510 direct labor-hours were worked at a cost of $51.429. Required: 1 Compute the following variances for July (Indicate the effect of each variance by selecting "F" for favorable. "U" for unfavorable. and "None" for no effect (ie, 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 The labor rate and efficiency variances ta Material price variance Material quantity variance Laborrate variance labor efficiency vanance
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