3 Exercise 10-8 Direct Materials and Direct Labor Variances [LO10-1, L010-2] Dawson Toys. Ltd. produces a toy called company has recently 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 $7.10 per hour points the Maze. The company has recently established a standard cost system to help control Prnt During July, the company produced 5.500 Maze toys. The toy's production data for the month are as follows: Direct materials 74,000 microns were purchased at a cost of $o.34 per micron. 25,875 of these microns were still in inventory at the end of the month. Direct labor. 6,550 direct labor-hours were worked at a cost of $49.780. Required: 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 variances b. The labor rate and efficiency varlances. 1b