Dawson Toys, Ltd. produces a toy called the Maze. The company has recently established a standard costing system to help control costs with the following standards for the Maze toy:

Direct materials: 8 microns per toy at $3.00 per micron Direct labour: 0.90 hours per toy at $14.50 per hour Variable overhead: 0.90 hours per toy at $5.50 per hour

During July, the company planned to make 5,100 toys, the normal volume, and produced 5,200 Maze toys. Production data for the month on the toy follow:

Direct materials: 31,110 microns were purchased for use in production at a cost of $2.90 per micron. 10,000 of these microns were still in inventory at the end of the month.

Direct labour: 5,100 direct labour-hours were worked at a cost of $76,500.

Variable overhead cost was $29,690, and fixed overhead cost was $58,200. The budget variance for July was $0.

4. Compute the fixed overhead volume variance. (Round intermediate calculation to 3 decimal places and round your final answer to nearest whole dollar amount.) Fixed overhead volume variance 5. Is there over- or underapplied fixed overhead? (Round intermediate calculation to 3 decimal places and round your final answer to nearest whole dollar amount.) by