Assessment task Problem 1 You have been given the following information of Michelle Corporation for June. Actual labor hours Standard materials price 3,150 hours P 2.50 per unit Actual labor rate per hour P 3.00 Standard quantity of materials 4,050 units used Standard labor hours used 3,000 hours Actual materials price P 2.52 per unit Standard labor rate per hour P 3.10 Actual quantity of material 4,450 units purchased and used Requirements: Compute the following 1. Material price variance 2. Materials efficiency variance 3. Labor rate variance 4. Labor efficiency variance