Funny Toys Co. has developed a new toy called the DollyDi. The company has a standard cost system to help control costs and has established the following standards for the DollyDi toy: Direct materials: 1.2kgs of plastic per toy at $4.30 per kg During August, the company produced 5,000 toys. Production data on the toy for August follow: Direct materials: 5,800kgs were purchased and used at a cost of $4.5 per kg. Required: Compute the following variances for August: Direct material price variance. Direct material quantity variance