3 Exercise 10-8 (Algo) Direct Materials and Direct Labor Variances (LO10-1.LO10-2] 2 DO Dawson Toys Ltd producer 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 More toy Derect material microns per toy at $0 31 per con Drect bor 14 hours per toy at 56.80 per hour During July the company produced 550 Maze toys. The toy's producnon data for the month are as follows Direet ruttering 2.000 microm were purchased at a cost of $0.29 per micron 36750 of microns were still in inventory at the Direct Sabor 7640 direct labor hours were worked at a cost of 556536 Required 1 Compute the flowing variances for July (Indicate the effect of ench variance by selecting "F" for favorable, "U" for unfavorable, and "Noner for no effect teroverlancel trout all amounts os positive values. Do not round Intermediate calculations. Round final answer to the nearest whole dollar amount) The material price and quantity arances D. The labor rate and efficiency variances 1. Material carance Materiaalance 3 Required: 1 Compute the following variances for July (Indicate the effect of each variance by selecting "P" for favorable. "U" for unfavorable, and "None" for no effectie, 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 2 points ference Ta Material price viance Material quantity variance 16 Laborrate variance Labor efficiency wariance