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Dawson Toys, Ltd., produces a toy called the Maze. The company has recently established a standard cost system to help contro

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Answer #1
Material Price variance = Actual Quantity purchased* (Actual Price - Standard Price)
Material Price variance = 76,000 * ($0.31 - $0.33)
Material Price variance = $1,520 Favorable
Material Quantity variance = Standard Price * (Actual Quantity used - Standard Quantity)
Material Quantity variance = $0.33 * ((76,000-37,000) - (5,200*6))
Material Quantity variance = $2,574 Unfavorable
Labor rate variance = Actual hours * (Actual rate - Standard rate)
Labor rate variance = 7,880 * (($60,676/7,880) - $7.30)
Labor rate variance = $3,152 Unfavorable
Labor efficiency variance = Standard rate * (Actual Hours - Standard Hours)
Labor efficiency variance = $7.30 * (7,880 - (5,200*1.4))
Labor efficiency variance = $4,380 Unfavorable

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