Dawson Toys, Ltd., produces a toy called the Maze. The company has recently established a standard coat system to help control costs and has established the following standards for the Maze toy. Direct materials: 6 microns per toy at $0.50 per micron Direct labor 1.3 hours per toy at $8 per hour During July, the company produced 3,000 Maze toys Production data for the month on the toy follow: Direct materials: 25,000 microns were purchased at a cost of $0 48 per micron. 5,000 of these microns were still in inventory at the end of the month. Direct labor: 4.000 direct labor-hours wore worked at a cost of $36,000. Required: 1. Compute the following variances for July: a. The materials price and quantity variances