Dawson Toys, Limited, 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 Maze toy:

Direct materials: 7 microns per toy at $0.34 per micron

Direct labor: 1.4 hours per toy at $7.40 per hour

During July, the company produced 4,700 Maze toys. The toy's production data for the month are as follows:

Direct materials: 74,000 microns were purchased at a cost of $0.32 per micron. 32,875 of these microns were still in inventory at the end of the month.

Direct labor: 7,080 direct labor-hours were worked at a cost of $57,348.

Required:

1. Compute the following variances for July:
   1. The materials price and quantity variances.
   2. The labor rate and efficiency variances.