Check my work mode: This shows what is correct or incorrect for the work you have completed so far, I does not indicate completion Return to question tum to 4 25 porta Dawson Toys, Limited, produces a toy called the Mare. The company has recently cremos a standard cont system to help cool costs and has established the following standards for the Maze toy Direct material7 microns per toy at $0.34 per micron Direct lobor: 12 hours per toy at $700 per hour During July, the company produced 5,400 Mate toys. The toy's production data for the month are as follow Direct materials 73.000 microns were purchased at a cost of $0.31 per micron. 25750 of theto microns were still in anventory at the end of the month Direct labor. 7080 direct labor-hours were worked at a cost of $52.392 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 l, 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 Answer is complete but not entirely correct. ta. Material price variance $ 1.410 OF 1. Material quality variance S5213U * Laborrate variance $ 2.832U 1b Laborency arance S 4,200 oooo