1. Topper Toys has developed a new toy called the Brainbuster. The company has a standard cost system to help control costs and has established the following standards for the Brainbuster toy: Direct materials: 8 pieces per toy at $0.30 per piece Direct labor: 1.2 hours per toy at $7 per hour During the month of August, the company produced 5,000 Brainbuster toys. Production data for the month on the toy follow: Direct materials: 50,000 pieces were purchased for use in production at a cost of $0.28 per piece. Direct labor: 6,400 direct labor-hours were worked at a cost of $48,000. Required: 1. Compute the following variances for the month a. Direct materials price and quantity variances. b. Direct labor price and quantity variances