compute variances for july

Question #2 (12 marks) Dawson Toys, Ltd. produces a toy called the Maze. The company has recently established a standard cost system to help control costs with the following standards for the Maze toy: Direct materials: 8 microns per toy at $0.75 per micron Direct labour: 3 hours per toy at $12 per hour During July, the company produced 4,200 Maze toys. Production data for the month on the toy follow: Direct materials: 25,000 microns were purchased for use in production at a cost of $0.60 per micron. Some 5,000 of these microns were still in inventory at the end of the month. Direct labour: 4,000 direct labour-hours were yorked at a cost of $52,000. Required: Compute the following variances for July: Direct materials price and quantity variances. b. Direct labour rate and efficiency variances. a. Question #3 (18 marks) John Fleming, chief administrator for a district hospital, is concerned about costs for tests in the hospital's lab. Mr. Fleming has asked you to evaluate costs in the hospital's lab for the past month. The following information is available: Llitate and smears. During Dawson Toys, Ltd. produces a toy called the Maze. The company has recently established a standard cost system to help control costs with the following standards for the Maze toy: Direct materials: 8 microns per toy at $0.75 per micron Direct labour: 3 hours per toy at $12 per hour During July, the company produced 4,200 Maze toys. Production data for the month on the toy follow: Direct materials: 25,000 microns were purchased for use in production at a cost of $0.60 per micron. Some 5,000 of these microns were still in inventory at the end of the month. Direct labour: 4,000 direct labour-hours were worked at a cost of $52,000. Required: Compute the following variances for July: Direct materials price and quantity variances. b. Direct labour rate and efficiency variahces. a