Exercise 10-8 (Algo) Direct Materials and Direct Labor Variances (LO10-1, L010-2) Dawson Toys, Ltd. produces a toy called the Maze. The company has recently created a standard cost system to help coritrol costs and has established the following standards for the Moze toy Direct materials: 7 microns per toy at $0.30 per micron Direct labor 13 hours per toy at $6.90 per hour During July, the company produced 5,400 Maze toys, The toy's production data for the month are as follows: Direct materials: 79,000 microns were purchased at a cost of $0.26 per micron 31750 of these microns were still in Inventory at the end of the month Direct labor. 7,320 direct labor-hours were worked at a cost of $55,632. Required: 1. Compute the following variances for July (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effectie, 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 b. The labor rate and efficiency variances ta Material price variance Material quantity variance 15. Liborrate variance Labor efficiency variance