Dawson Toys, Ltd. produces a toy called the Maze. The company has recently established a standard costing system to help control costs with the following standards for the Maze toy:

Direct Materials: 8 microns per toy at $0.75 per micron

Direct labour: 0. hours per toy at $12 per hour

Variable overhead: 0.9 hours per toy at $3.05

During July, the company planned to make 4,100 toys, the normal volume, and produced 4,200 Maze toys. Production data for the month on the toy follow:

Direct materials: 25,000 microns were purchased for use in production at a cost of $0.60 per micron. 5,000 of these microns were still in inventory at the end of the month.

Direct Labour: 4,000 direct labour-hours were worked at a cost of $52,000.

Variable overhead cost was $12,340 and fixed overhead cost was $44,000. The budget variance for July was $0.

Required:

1. Compute the following variances for July:
2. Direct materials price and quantity variances
3. Direct Labour rate and efficiency variances.
4. Compute the variable overhead cost variances.
5. Compute the fixed overhead volume variance.