Exercise 10.8 (Algo) Direct Materials and Direct Labor Variances [LO10-1, LO10.2] Dawen Toys Limhed, Broduces a toy called the Maze. The compary has tecenty created a standard cost system to heip control costs and has established the following standards for the Moze toy Direct matecials: B microns per foy at 5034 per micion Deret iabor is hours per toy at $720 per hout During Juty, the company produced 4700 Maze toys. The toy's production data for the month are as follows: Direct miwernass 75.000 microns were purchased at a cost of 50.33 per micton 28,000 of these micions were stil in inventory at the ond of the month Ovect tabor 6880 direct inbon hours were worked at a cost of $53.664 Required: 1. compute the folowing vanances for july Note Indicate the effect of each variance by selecting "F" for favorable, "U for unfavorable, and "None" for no etfect (i.e, zero variance) input all amounts as positive values. Oo notround intermediate caleulations. Round final ancwor to the nearest whole dellar ameunt. a. The maserials price and quanty voriances. b. The boor rate and elfieiency variances