Dawson Toys, Limited, produces a toy called the Maze with the following standards: Direct materials: 6...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6648a77b41746_4986648a77ad7b05.jpg)
Transcribed Image Text:
Dawson Toys, Limited, produces a toy called the Maze with the following standards: Direct materials: 6 microns per toy at $0.31 per micron Direct labor: 1.3 hours per toy at $6.70 per hour During July, the company produced 5,400 Maze toys. The toy's production data for the month are as follows: Direct materials: 73,000 microns were purchased at a cost of $0.27 per micron. 32,500 of these microns were still in inventory at the end of the month. Direct labor. 7,520 direct labor-hours were worked at a cost of $54,144. 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" for no 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 variance 1a. Material quantity variance 1b. Labor rate variance 1b. Labor efficiency variance Dawson Toys, Limited, produces a toy called the Maze with the following standards: Direct materials: 6 microns per toy at $0.31 per micron Direct labor: 1.3 hours per toy at $6.70 per hour During July, the company produced 5,400 Maze toys. The toy's production data for the month are as follows: Direct materials: 73,000 microns were purchased at a cost of $0.27 per micron. 32,500 of these microns were still in inventory at the end of the month. Direct labor. 7,520 direct labor-hours were worked at a cost of $54,144. 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" for no 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 variance 1a. Material quantity variance 1b. Labor rate variance 1b. Labor efficiency variance
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
The following data applies to the two unrelated companies Lloyd Ltd and Cole Ltd: All taxable and deductible temporary differences relate to the profit or loss. Assume a corporate tax rate of 30%. A....
-
Microsoft Corporation (Microsoft) and Oracle Corporation (Oracle) engage in the design, manufacture, and sale of computer software. Microsoft sells and licenses a wide range of systems and...
-
a. Although we call persons with type O blood universal donors and those with type AB blood universal recipients, what problems might accompany transfusions involving O donors or AB recipients? b....
-
What accounts are debited and credited to record the distribution of goodwill when a new partner is admitted?
-
The journal entries for August, Carleys Car Cares second month of business, have been journalized in the general journal in your Working Papers or in CengageNow. The balances of the accounts as of...
-
Stardust Furniture Store sells low end furniture and uses the installment method for revenue recognition. Its year - end is December 3 1 . It shows the following data for January: Sales of $ 9 , 1 8...
-
Explain ways to reduce staff turnover in the Faculty of History.
-
Enumerate the types of changes that are covered by the consistency standard.
-
a. What body is authorized to issue pronouncements on GAAP? b. Which pronouncements are recognized as being authoritative?
-
Take a look at Exhibit 3.2 on the value chain. Pick a company in which you are interested, research it, and develop an assessment of how it is doing in delivering value at each link in the chain....
-
What effect does inadequate disclosure have on the auditor's report?
-
Assuming that in the multiplication of bacteria by fission (division into two bacteria) the probability of a bacterium dividing during a time interval \(\Delta t\) is equal to \(a \Delta t+o(\Delta...
-
For equally likely minimax regret EMV EVwPI you need to use all three numbers for each alternative not just two numbers because there are three state of natures for each alternative There is no...
-
You are standing at x = 9.0 km and your assistant is standing at x = 3.0 km. Lightning bolt 1 strikes at x = 0 km and lightning bolt 2 strikes at x = 12.0 km. You see the flash from bolt 2 at t = 10...
-
Describe the changes that have taken place in share trading venues over the past decade.
-
You have been asked by the prospective directors of a shortly to be established business what is meant by ordinary shares, preference shares and debt capital. Further, you have been asked to provide...
-
Explain the acronyms AIM, SETS, MTF and HFT.
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App