Exercise 10-8 (Algo) Direct Materials and Direct Labor Variances [LO10-1, LO10-2] Dawson Toys, Limited, produces a toy called the Maze. The company has recently created a standard cost,system to heip control cosis and has established the following standards for the Maze toy. Direct materiais: 7 microns per toy at $0.31 per micron Direct iabor: 1.5 hours per toy at $6.90 per hour Duting July, the company produced 4,500 Maze toys. The toy's production data for the month are as follows: Direct materisls: 72.000microns were purchased at a cost of $0.30 per micron. 32.625 of these microns were stil in inventory at the end of the month. Oirect labor. 7150 direct labor-hours were worked at a cost of $53,625. Required: 1. Compute the foilowing variances for Julyi (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfevorable, and "None" for no effect (i.e. zero variance). Input all amounts as positive values. Do not round intermediate caiculations. Round final answer to the nearest whole dollar amount) a. The materiais price and quantity varionces. b. The labor rate and efliciency variances