Exercise 10-8 (Algo) Direct Materials and Direct Labor Variances (LO10-1, LO10-2] Dawson Toys, Ltd. produces a toy called the Maze. The company has recently created a standard cost system to help controlcc and has established the following standards for the Moze toy: Direct materials: 7 microns per toy at $0.33 per micron Direct labor 13 hours per toy at $6.80 per hour During July, the company produced 5,100 Maze toys. The toy's production data for the month are as follows: Direct materials: 71000 microns were purchased at a cost of $0.29 per micron. 26,375 of these microns were still in inventory at end of the month Direct labor 6,930 direct labor-hours were worked at a cost of $51,282. Required: 1. Compute the following variances for July (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavora and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations. Rou final answer to the nearest whole dollar amount.) a. The materials price and quantity variances, b. The labor rate and efficiency variances. 1a. Material price variance Material quantity variance 1b Labor rate variance Labor efficiency variance