MingMing Corporation uses a standard cost system and has established the following standards for one unit of product MingPink:

Standard Quantity Standard Price

Direct Materials 5 kilograms Php 2.50 per kilogram

Direct Labor .25 hour Php 100 per hour

During August, the company purchased and used 94,250 kilograms (at P 2.70 per kilogram) to produce 18,750 units of MingPink. Accordingly, the units were manufactured consuming 4,750 hours of direct labor paid at P 105.00 per hour

Required:

For direct material, compute for the following:

(a) material price variance =

(b) material quantity variance =

(c) material spending variance =

For direct labor, compute the following:

(d) direct labor rate variance =

(e) direct labor efficiency variance =

(f) direct labor spending variance =