ect Materials and Direct Labor Variances Dawson Toys, Ltd., 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: 6 microns per toy at $1.50 per micron Direct labor: 1.3 hours per toy at $21 per hour During July. the company produced 3,000 Maze toys. The toy's pr data for the month are as follows: 25,000 microns were purchased at a cost of $148 per micron. 5,000 of these microns were stll in inventory at the Direct ma end of the month. Direct labor. 4,000 direct labor-hours were worked at a cost of $88,000 1 Compute the following variances for July Ondicete the effect of each variance by selecting "F for favorable, "U" for unfavorable, and "None" for no effect (i.e, zero variance). Input all amounts as positive values.) b. The labor rate and efficiency variances nces a. The materials price and quantity variances. variance