Reference no: EM132803121
Topper Toys has developed a new toy called the Brain buster. The company has a standard cost system to help control costs and has established the following standards for the Brain buster toy.
Direct material: 8 diodes per day at $ 0.30 per diode
Direct labor: 0.6 hours per toy at $14 per hour
During the august, the company produced 5,000 Brain buster toys. Production data on the toy for August follow.
Direct material: 7,000 diodes were purchased at cost of $0.28 per diode. 20,000 of these diodes were still in inventory at the end of month.
Direct labor: 3,200 direct labor hours were worked at a cost $48,000
Required:
Problem 1. Compute the following variances for August
i. Direct material price and quantity variance
ii. Direct labor rate and efficiency variance
Problem 2. Prepare brief explanation of the possible causes of each variance.
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