1a. 1b.

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: 8 microns per toy at $0.34 per micron Direct labor: 1.4 hours per toy at $6.80 per hour During July, the company produced 5,400 Maze toys. The toy's production data for the month are as follows: Direct materials: 74,000 microns were purchased at a cost of $0.31 per micron. 20,000 of these microns were still in inventory at the end of the month. Direct labor. 7,960 direct labor-hours were worked at a cost of $58,904. Required: 1. Compute the following variances for July: (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.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 materials price and quantity variances. b. The labor rate and efficiency variances. 1a. Material price variance Material quantity variance Labor rate variance Labor efficiency variance Required: 1. Calculate the present value for the following assuming that the money can be invested at 6% percent. (Round final answers to the nearest dollar amount.) Present Value 0 0 a. You may receive $70,000 immediately. b. You may receive $93,000 at the end of eight years. You may receive $27,000 at the end of each year for eight years (a total of $216,000). $ 0 Click here to view Exhibit 13B-1 and Exhibit 13B-2, to determine the appropriate discount factor(s) using tables