1. Determine Galactic's budgeted manufacturing cost per drone. (Note: assume that fixed overhead per unit is $27.25.) 2. Determine Galactic's budgeted cost of goods sold for January and February.
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Galactic Inc. manufactures flying drone toys. Sales units for January, February, March, April and May were 680, 660, 732, 692, and 760 respectively. Each unit requires 3 direct labor hours and Galactic’s hourly labor rate is $34 per hour. The company’s variable
Required:
1. Determine Galactic's budgeted
2. Determine Galactic's budgeted cost of goods sold for January and February.
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- 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: 8 microns per toy at $0.32 per micron Direct labor: 1.5 hours per toy at $7.50 per hour During July, the company produced 5,300 Maze toys. The toy's production data for the month are as follows: Direct materials: 70,000 microns were purchased at a cost of $0.29 per micron. 17,000 of these microns were still in inventory at the end of the month. Direct labor. 8,250 direct labor-hours were worked at a cost of $66,00o. 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…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 $0.32 per micron Direct labor: 1.1 hours per toy at $6.90 per hour During July, the company produced 4,900 Maze toys. The toy's production data for the month are as follows: Direct materials: 71,000 microns were purchased at a cost of $0.28 per micron. 22,000 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 $43,586. 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 answers to the nearest whole dollar amount.) a. The materials price and quantity…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 $0.32 per micron Direct labor: 1.3 hours per toy at $7.50 per hour During July, the company produced 4,800 Maze toys. The toy's production data for the month are as follows: Direct materials: 78,000 microns were purchased at a cost of $0.29 per micron. 30,000 of these microns were still in inventory at the end of the month. Direct labor. 6,740 direct labor-hours were worked at a cost of $53,246. 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…
- 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: 7 microns per toy at $0.32 per micron Direct labor: 1.4 hours per toy at $7.10 per hour During July, the company produced 4,600 Maze toys. The toy's production data for the month are as follows: Direct materials: 73,000 microns were purchased at a cost of $0.30 per micron. 32,750 of these microns were still in inventory at the end of the month. Direct labor: 6,740 direct labor-hours were worked at a cost of $50,550. 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 answers to the nearest whole dollar amount.) a. The materials price and…XYZ Corporation manufactures and sells electronic gadgets. The company uses a standard cost system to analyze its manufacturing costs. The standard cost of producing one gadget is as follows: Direct materials: 3 units @ $15 per unit Direct labor: 2 hours @ $20 per hour Variable overhead: $10 per gadget Fixed overhead: $5,000 per month During the month of June, the company produced 5,000 gadgets and incurred the following actual costs: Direct materials: 14,500 units purchased at $14.50 per unit Direct labor: 9,800 hours worked at an average rate of $21 per hour Variable overhead: $52,000 Fixed overhead: $5,200 Answer the following questions and show all calculations: a) Compute the direct materials price and efficiency variances. b) Compute the direct labor rate and efficiency variances. c) Compute the variable overhead spending and efficiency variances. d) Compute the fixed overhead budget and volume variances. e) Prepare a cost variance analysis table to summarize the results.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: 8 microns per toy at $0.35 per micron Direct labor: 1.1 hours per toy at $7.40 per hour During July, the company produced 5,400 Maze toys. The toy's production data for the month are as follows: Direct materials: 76,000 microns were purchased at a cost of $0.31 per micron. 22,000 of these microns were still in inventory at the end of the month. Direct labor: 6,440 direct labor-hours were worked at a cost of $50,876. Required: 1. Compute the following variances for July a. The materials price and quantity variances.
- 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: 7 microns per toy at $0.32 per micron Direct labor: 1.4 hours per toy at $7.10 per hour During July, the company produced 4,600 Maze toys. The toy's production data for the month are as follows: Direct materials: 73,000 microns were purchased at a cost of $0.30 per micron. 32,750 of these microns were still in inventory at the end of the month. Direct labor: 6,740 direct labor-hours were worked at a cost of $50,550. 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 answers to the nearest whole dollar amount.) a. The materials price and…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 $0.32 per micron Direct labor: 1.2 hours per toy at $6.60 per hour During July, the company produced 5,000 Maze toys. The toy's production data for the month are as follows: Direct materials: 79,000 microns were purchased at a cost of $0.30 per micron. 41,500 of these microns were still in inventory at the end of the month. Direct labor. 6,400 direct labor-hours were worked at a cost of $44,800. 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 answers to the nearest whole dollar amount.) a. The materials price and quantity…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: 7 microns per toy at $0.32 per micron Direct labor: 1.3 hours per toy at $6.70 per hour During July, the company produced 5,200 Maze toys. The toy's production data for the month are as follows: Direct materials: 76,000 microns were purchased at a cost of $0.30 per micron. 30,500 of these microns were still in inventory at the end of the month. Direct labor. 7,260 direct labor-hours were worked at a cost of $53,724. 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 answers to the nearest whole dollar amount.) a. The materials price and quantity…
- awson 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: 7 microns per toy at $0.35 per micron Direct labor: 1.1 hours per toy at $7.00 per hour During July, the company produced 5,400 Maze toys. The toy's production data for the month are as follows: Direct materials: 73,000 microns were purchased at a cost of $0.33 per micron. 25,750 of these microns were still in inventory at the end of the month. Direct labor: 6,340 direct labor-hours were worked at a cost of $48,818. 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…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: 7 microns per toy at $0.34 per micron Direct labor: 1.5 hours per toy at $7.40 per hour During July, the company produced 5,500 Maze toys. The toy's production data for the month are as follows: Direct materials. 71,000 microns were purchased at a cost of $0.31 per micron. 22,875 of these microns were still in inventory at the end of the month. Direct labor. 8,850 direct labor-hours were worked at a cost of $69,915. 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.) S a. The materials price and quantity…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: 7 microns per toy at $0.34 per micron Direct labor: 1.3 hours per toy at $6.70 per hour During July, the company produced 5,200 Maze toys. The toy's production data for the month are as follows: Direct materials. 74,000 microns were purchased at a cost of $0.33 per micron. 28,500 of these microns were still in inventory at the end of the month. Direct labor. 7,060 direct labor-hours were worked at a cost of $50,126. Required: 1. Compute the following variances for July: Note: 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…
