Dawson Toys, Ltd., produces a toy called the Maze. The company has recently established 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: 1.3 hours per toy at $7.10 per hour During July, the company produced 5.000 Maze toys. Production data for the month on the toy follow: Direct materials: 72,000 microns were purchased at a cost of $0.31 per micron. 28,250 of these microns were still in inventory at the end of the month. Direct labor: 6,900 direct labor-hours were worked at a cost of $52,440. Required: Compute the following variances for July: The materials price and quantity variances. The labor rate and efficiency variances