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Please help solve the following! 8 191 points Dawson Toys, Limited, produces a toy called the Maze. The company has recently created a standard cost
Please help solve the following!
8 191 points Dawson Toys, Limited, produces a toy called the Maze. The company has recently created 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 $0.30 per micron Direct labor: 11 hours per toy at $7.40 per hour During July, the company produced 4,900 Maze toys. The toy's production data for the month are as follows: Direct materials: 76,000 microns were purchased at a cost of $0.29 per micron, 27,000 of these microns were still in inventory at the end of the month. Direct labor: 5,890 direct labor-hours were worked at a cost of $46,531. 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 ta. Material quantity variance 1b. Labor rate variance 1b. Labor efficiency variance Answer is not complete. $ 760 F CCC 0000 8 1.91 points eflock Ask Pre References Dawson Toys, Limited, produces a toy called the Maze, The company has recently created 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 $0.30 per micron Direct labor: 11 hours per toy at $7.40 per hour During July, the company produced 4,900 Maze toys. The toy's production data for the month are as follows: Direct materials: 76,000 microns were purchased at a cost of $0.29 per micron. 27,000 of these microns were still in inventbry at the end of the month. Direct labor: 5,890 direct labor-hours were worked at a cost of $46.531. 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 1a. Material quantify variance 1b. Labor rate variance 1b. Labor efficiency variance $ 760 F U U N 4 166 points ellook Print Hannibal Steel Company has a Transport Services Department that provides trucks to haul ore from the company's mine to its two steel mills-the Northern Plant and the Southern Plant. Budgeted costs for the Transport Services Department total $151,200 per year, consisting of $0.22 per ton variable cost and $101,200 fixed cost. The level of fixed cost is determined by peak-period requirements. During the peak period, the Northern Plant requires 63% of the Transport Services Department's capacity and the Southern Plant requires 37% During the year, the Transport Services Department actually hauled 121,000 tons of ore to the Northern Plant and 51,600 tons to the Southern Plant. The Transport Services Department incurred $361,000 in cost during the year, of which $52,500 was variable cost and $308,500 was fixed cost. Required: 1. How much of the Transport Services Department's variable costs should be charged to each plant? 2. How much of the $308.500 in fixed cost should be charged to each plant? 3. How much, if any, of the Transport Services Department's actual total cost of $361,000 should be treated as a spending variance and not charged to the plants? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 How much of the Transport Services Department's variable costs should be charged to each plant? Variable cost charged to Northern Plant Variable cost charged to Southern Plant Required 2 > 4 1.66 points eBook Ack Print References Hannibal Steel Company has a Transport Services Department that provides trucks to haul ore from the company's mine to its two steel mills-the Northern Plant and the Southern Plant. Budgeted costs for the Transport Services Department total $151,200 per year, consisting of $0.22 per ton variable cost and $101,200 fixed cost. The level of fixed cost is determined by peak-period requirements. During the peak period, the Northern Plant requires 63% of the Transport Services Department's capacity and the Southern Plant requires 37%. During the year, the Transport Services Department actually hauled 121,000 tons of ore to the Northern Plant and 51,600 tons to the Southern Plant. The Transport Services Department incurred $361,000 in cost during the year, of which $52,500 was variable cost and $308,500 was fixed cost. Required: 1. How much of the Transport Services Department's variable costs should be charged to each plant? 2. How much of the $308,500 in fixed cost should be charged to each plant? 3. How much, if any, of the Transport Services Department's actual total cost of $361,000 should be treated as a spending variance and not charged to the plants? Complete this question by entering your answers in the tabs below. Required 2 Required 3 How much of the fixed cost should be charged to each plant? Fixed cost charged to Northern Plant Foxed cost charged to Southern Plant Required 1 4 166 points eBook Ask References Hannibal Steel Company has a Transport Services Department that provides trucks to haul ore from the company's mine to its two steel mills-the Northern Plant and the Southern Plant. Budgeted costs for the Transport Services Department total $151,200 per year, consisting of $0.22 per ton variable cost and $101,200 fixed cost. The level of fixed cost is determined by peak-period requirements. During the peak period, the Northern Plant requires 63% of the Transport Services Department's capacity and the Southern Plant requires 37%. During the year, the Transport Services Department actually hauled 121,000 tons of ore to the Northern Plant and 51,600 tons to the Southern Plant. The Transport Services Department incurred $361,000 in cost during the year, of which $52,500 was variable cost and $308,500 was fixed cost. Required: 1. How much of the Transport Services Department's variable costs should be charged to each plant? 2. How much of the $308,500 in fixed cost should be charged to each plant? 3. How much, if any, of the Transport Services Department's actual total cost of $361,000 should be treated as a spending variance and not charged to the plants? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 How much, if any, of the Transport Services Department's actual total cost of $361,000 should be treated as a spending variance and not charged to the plants? Spending variance Step by Step Solution
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