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Managerial accounting please help Dawson Toys, Ltd.. produces a toy called the Maze. The company has recently established a standard cost system to help control

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Dawson Toys, Ltd.. produces a toy called the Maze. The company has recently established 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 $0.33 per micron Direct labor: 1.4 hours per toy at $7.20 per hour During July, the company produced 5, 200 Maze toys. Production data for the month on the toy follow: Direct materials: 79,000 microns were purchased at a cost of $0.32 per micron. 33, 500 of these microns were still in inventory at the end of the month. Direct labor: 7, 780 direct labor-hours were worked at a cost of $59, 128. Compute the following variances for July: a. The materials price and quantity variances. b. The labor rate and efficiency variances

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