required as per question above

Question 2 (see problem 12-6 of the text) 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: 6 microns per toy at 0.50 per micron. Direct labour: 1.3 hours per toy at 8 per hour During July, the company produced 3,000 Maze toys. Production data for the month on the toy follow: Direct materials: 25,000 microns were purchased for use in production at a cost of 0.48 per micron. Some 5,000 of these microns were still in stock at the end of the month. Direct labour @ 4,000 direct labour-hours were worked at the cost of 36,000. Required: 1) Compute the following variances for July: a. Direct materials price and quantity variances. b. Direct labour rate and efficiency variances. 2) Prepare a brief explanation of the significance and possible causes of each variance