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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

Materials price variance = Actual quantity * (Standard price - Actual price)

= 77,000 * ($0.31 - $0.29)

= $1,540 Favorable

Materials usage variance = Standard price * (Standard quantity - Actual quantity)

= $0.31 * [(5,500*7) - (77,000 - 28,875)

= $2,984 Unfavorable

Labor rate variance = Actual hours * (Standard rate - Actual rate)

= 6,450 * [$6.8 - $48,375/6,450)]

= $4,515 Unfavorable

Labor efficiency variance = Standard rate * (Standard hours - Actual hours)

= $6.8 * [(5,500*1.1) - 6,450]

= $2,720 Unfavorable

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