Exercise 9-17 Direct Materials and Direct Labor Variances [LO9-4, LO9-5 Dawson Toys, Ltd, 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 Maze toy Direct materials:7 microns per toy at $0.32 per micron Direct labor 12 hours per toy at $7.20 per hour During July, the company produced 5,000 Maze toys The toy's production data for the month are as follows 7 cost of S0 30 per micron 35.250 of these microns were sti in inventory at the Direct materials 79,000 microns were purchased at a end of the month Drect iabor 6,300 direct labor-hours were worked at a cost of $47250 Required: 1. Compute the following variances for July. (Indicate the effect of each variance by and "None" for no effect jie, selecting "F, for favorable, V for unfavorable, zero variancel. Input all amounts as positive velues. Do not round intermediate calculations Round final answers to the nearest whole dollar amount.) a. The materials price and quantity variances b. The labor rate and efficiency variances Labor efficiency variance