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Compute the materials price and quantity variances

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Question - Dawson Toys, Ltd., produces a toy called the Maze. The company has recently established 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 $0.35 per micron Direct labor: 1.2 hours per toy at $7.30 per hour

During July, the company produced 5,100 Maze toys. Production data for the month on the toy follow:

Direct materials: 74,000 microns were purchased at a cost of $0.34 per micron. 29,375 of these microns were still in inventory at the end of the month.Direct labor: 6,420 direct labor-hours were worked at a cost of $49,434.

Required - Compute the following variances for July:

a. The materials price and quantity variances.

b. The labor rate and efficiency variances.

Reference no: EM132545811

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