avison Toys, Uimited, produces a toy called the Maze. The company has recently created a
standard cost system to heip control cos ind has established the following standards for the Maze
toy: Ditect materials: 7 microns per toy at $0.35 per micron Direct labor: 1.2 hours per toy at
$6.80 per hour During July, the company produced 4,800 Maze toys. The toy's production data
for the month are as follows: Direct materials, 78,000 microns were purchased at a cost of $0.32
per micron. 36,000 of these microns were still in inventory at the end of the month. Oirect labor.
6,260 direct labor-hours were worked at a cost of $46,324. Required: 1. Compute the folliowing
variances for July: (Indicate the effect of each variance by selecting " F " for favorable, "U" for
unfavorable, and "None" for no effect (L.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 moterials price and quantity variances b. The labor rate and efficioncy vatiances..
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Avison Toys Cost Variance Analysis for Maze Toy Production
1. avison Toys, Uimited, produces a toy called the Maze. The company has recently created a
standard cost system to heip control cos ind has established the following standards for the Maze
toy: Ditect materials: 7 microns per toy at $0.35 per micron Direct labor: 1.2 hours per toy at
$6.80 per hour During July, the company produced 4,800 Maze toys. The toy's production data
for the month are as follows: Direct materials, 78,000 microns were purchased at a cost of $0.32
per micron. 36,000 of these microns were still in inventory at the end of the month. Oirect labor.
6,260 direct labor-hours were worked at a cost of $46,324. Required: 1. Compute the folliowing
variances for July: (Indicate the effect of each variance by selecting " F " for favorable, "U" for
unfavorable, and "None" for no effect (L.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 moterials price and quantity variances b. The labor rate and efficioncy vatiances.
