Exercise 10-8 (Algo) Direct Materials and Direct Labor Variances [LO10-1, LO10-2] Dawson Toys Uld 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 Mazety Direct materials: 6 microos per toy at 50.31 per micron Direct labor 13 hours per toy at $2.20 per hour During July, the company produced 5100 Maze Toys. The toys production data for the month are as follows: Direct material 70,000 microns were purchased at a cost of SO 28 per micron. 31750 of these microns wete still in inventory at the end of the month Direct labor 7130 direct labor-hours were worked at a cost of $54188 Required: 1 Compute the following variances for July (Indicate the effect of each variance by selecting for favorable "U" for unfavorable, and "None" for no effect fie., Tero variance). Input all amounts as positive values. Do not found intermediate calculations. Round final answer to the nearest whole dollar amount) a. The materials price and quantity variances The labor rate and efficiency variances 1 Material price varlance Material quantly variance tb. Laborate variance Labeliny variance