apter Ten 8 Saved Help Save & Exit Submit Check my work Dawson Toys, Limited, produces a 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 10 Direct labor: 1.2 hours per toy at $6.80 per hour Direct materials: 7 micron's per toy at $0.35 per micron points ellook Prod References During July, the company produced 4,600 Maze toys. The toy's production data for the month are as follows: Direct materials: 75,000 microns were purchased at a cost of $0.32 per micron. 34,750 of these microns were still in inventory at the end of the month. Direct labor 6,120 direct labor-hours were worked at a cost of $44,676 Required: 1. Compute the following variances for July: (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (ie., zero variance). Input all amounts as positive values. Do not round intermediate calculations. Round final answer to the nearest whole dollar amount.) a. The materials price and quantity variances b. The labor rate and efficiency variances. 1a Material price variance 1a Material quantity variance 1b Labor rate vanance