The Top Company uses a standard costing system and produces custom made plastic toys using the following inputs - and actual data: Standard Input Standard Cost of Input ACTUAL Cost to Produce 180,000 Toys ACTUAL Quantity Used to Produce 180,000 Toys per Toy Input Plastic 160g $0.07/gram $2,450,000 28,700,000 grams Direct Labour 0.12 hours $10.00/hour 1. What is the standard cost of one toy? 2. Calculate the Material PRICE variance using actual production numbers given above and label whether it is FAVOURABLE or UNFAVOURABLE. 3. Calculate the Material QUANTITY variance using actual production numbers given above and label whether it is FAVOURABLE or UNFAVOURABLE. 4. Should only unfavourable variances be investigated - WHY or WHY NOT