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

Direct materials: 7 microns per toy at $0.31 per micron

Direct labor: 1.1 hours per toy at $7.00 per hour

During July, the company produced 5,500 Maze toys. The toy's production data for the month are as follows:

Direct materials: 77,000 microns were purchased at a cost of $0.27 per micron. 28,875 of these microns were still in inventory at the end of the month. Direct labor: 6,450 direct labor-hours were worked at a cost of $47,730.

" Chrome File Edit View History Bookmarks People Tab Window Help 7 79% Wed Dec 9 9:11:55 AM Q . . . . ACC-121-0511 2020FA: McGra x McGraw-Hill Education Campu: X Connect X + C a ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/.. W You received partial credit in the previous attempt. Check my work View previous attempt 2 end of the month. Direct labor. 6,450 direct labor-hours were worked at a cost of $47,730. Required: 6.66 1. Compute the following variances for July: (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, points and "None" for no effect (i.e., 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. eBook b. The labor rate and efficiency variances. Print 1a. Material price variance $ 1,925 F Material quantity variance $ 2,984 U 1b. Labor rate variance $ 2,580 U Labor efficiency variance $ 2,800 U Mc Hill DEC 9 . . . O