Q.1: Dawood toys, ltd produce a toy called the Maze. The company recently established a standard cost system to help control costs and has established the following standards for the Maza Toys. Direct Material: 6 microns per toy at Rs0.50 per micron Direct Labor: 1.3 hours per toy at Rs 8 per hour During July the company produced 3,000 Maza Toys. Production data for the month for Toy follows:- Direct Materials: 25000Microns were purchased at a cost of Rs 0.48 per micron. 5,000 of these microns were still in inventory at the end of the month. Direct Labor: 4,000 labor hours were worked at a cost of Rs 36,000 Required: 1] 2] Compute the following variances for July: a. Direct Material price and quantity variances b. Direct labor rate and efficiency variances Prepare a brief explanation of the possible causes of each variance.