Problem Solving Problem 1 You have been given the following information of Lindvie Corporation for September. Actual labor hours used 3,150 hours Standard material price P 2.50 per unit Actual labor rate per hour P 3.00 Standard quantity of materials used 4,050 units Standard labor hours used 3,000 hours Actual materials price P2.52 per unit Standard labor rate per hour P3.10 Actual quantity of materials purchased and used 4,450 units Required: Compute for the following 1. Material price variance 2. Materials efficiency variance 3. Labor rate variance 4. Labor efficiency varianceProblem 2 The Phantom Company manufactures one product and provides you with the following information for the year ended 2019: Normal direct labor hour 155,000 Standard fixed overhead rate P 4.00 Standard fixed overhead cost per unit P 10.00 Units manufactured - actual 60,000 Actual direct labor hours 148,000 Actual overhead - Variable P 475,000 Actual overhead - Fixed 632,500 Total budgeted overhead P1,085,000 Required: Compute for the following: 1. Variable overhead spending and efficiency variance 2. Fixed overhead spending and volume variance 3. Variances using 2-way method 4. Variances using 3-way method 5. Variances using 4-way method Problem 3 Sharp Co.'s records for April disclosed the following data relating to direct labor Actual cost P 10,000 Rate Variance 1,000 favorable Efficiency Variance 1,500 unfavorable Standard cost P 9,500 Actual direct labor hours for April amounted to 2,000. What is Sharp's standard direct labor rate per hour in April