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17 Exercise 9-17 Direct Materials and Direct Labor Variances [LO9-4, LO9-5) Dawson Toys Ltd, producer o 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 6 microns per toy at $0.30 per micron Direct labor. 11 hours per toy at $6.60 per hour During July, the company produced 5:00 Maze toys. The toy's production date for the month are as follows. Direct materiais 73.000 microns were purchased at a cost of 0 28 per micron 34,750 of these mic microns were in inventory at the end of the month Direct labor 6,170 direct labor-hours were worked at a cost of $42.770 Required: 1. Compute the following variances for July (Indicate the effect of each vartance by selecting "Pfor favorable. "U" for unfavorable and "Mone" for no effect ... zero variancel Input all amounts as positive values. Do not round Intermediate calculations. Round Tinal answers to the nearest whole dollar amount) a The materials price and quantity variances The labor rate and efficiency variances Ples Print Ta nowe yarance 5 5 2.250 5 24 SF Laborcy variance