Required: 1. According to the standards, what cost for plastic should have been incurred to make 35,000 helmets? How much greater or less is this than the cost that was incurred? (Indicate the effect of each varianc by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance) Round Standard kilograms of plastic per helmet to 1 decimal place.) Number of helmets Standard kilograms of plastic per helmet Total standard kilograms allowed Standard cost per kilogram Total standard cost Actual cost incurred Total standard cost Total material variance 2. Break down the difference computed in (1) above into a materials price variance and a materials quantity variance (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect i.e., zero variance).) Materials price variance Materials quantity variance Exercise 10-8 Direct Materials and Direct Labor Variances [LO10-1, LO10-2] 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: 6 microns per toy at $0.50 per micron Direct labor: 1.3 hours per toy at $8 per hour During July, the company produced 3,000 Maze toys. Production data for the month on the toy follow: Direct materials: 25.000 microns were purchased at a cost of $0.48 per micron. 5,000 of these microns were still in inventory at the end of the month Direct labor: 4,000 direct labor-hours were worked at a cost of $36.000 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).) a. The materials price and quantity variances Material price variance Material quantity variance 110 Type here to search Required: 1. According to the standards, what cost for plastic should have been incurred to make 35,000 helmets? How much greater or less is this than the cost that was incurred? (Indicate the effect of each varianc by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance) Round Standard kilograms of plastic per helmet to 1 decimal place.) Number of helmets Standard kilograms of plastic per helmet Total standard kilograms allowed Standard cost per kilogram Total standard cost Actual cost incurred Total standard cost Total material variance 2. Break down the difference computed in (1) above into a materials price variance and a materials quantity variance (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect i.e., zero variance).) Materials price variance Materials quantity variance Exercise 10-8 Direct Materials and Direct Labor Variances [LO10-1, LO10-2] 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: 6 microns per toy at $0.50 per micron Direct labor: 1.3 hours per toy at $8 per hour During July, the company produced 3,000 Maze toys. Production data for the month on the toy follow: Direct materials: 25.000 microns were purchased at a cost of $0.48 per micron. 5,000 of these microns were still in inventory at the end of the month Direct labor: 4,000 direct labor-hours were worked at a cost of $36.000 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).) a. The materials price and quantity variances Material price variance Material quantity variance 110 Type here to search