Check my work Dawson Toys, Limted, 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 Moze toy Direct materials: 7 microns per toy at $0.35 per micron Direct labor 11 hours per toy at $720 per hour During July, the company produced 4600 Maze toys. The toy's production data for the month are as follows: Direct materials. 79,000 microns were purchased at a cost of $0.32 per micron. 38,750 of these microns were still in Inventory at the end of the month Direct labor 5,560 direct lobor-hours were worked at a cost of $43,368 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 effect (.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 variances. 1a. Material price variance 1aMaterial quantity variance 16. Laborrate variance 1b. Labor efficiency variance