Answer this using Managerial Accounting only. (Please do not use finance/ cost accounting)

(I've checked questions similar to this and the figures aren't the same. So, please answer according to this)

> per hour Dawso! 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: 8 microns per toy at $0.50 per micron Direct labor: 2.5 hours per toy at $7 per Quhan During July, the company produced 8,000 Maze toys. Production data for the month on the toy follow: Direct inaterials: 70,000 microns were purchased at a cost of $0.28 per micron. 20,000 of these microns were still in inventory at the end of the month. Direct labor: 8,500 direct labor-hours were worked at a cost of $52,000. Required: 1. Compute the following variances for July: d. Direct materials price and quantity variances. 6. Direct labor rate and efficiency variances. 2. Prepare a brief explanation of the possible causes of each variance