SOLVING Problem 1 Corporation provided the following information for the month of July 3,150 Hours Actual labor hours used Standard materials price Actual labor rate per hour P2.50 per unit P3 4,050 Units Standard quantity of materials used Standard labor hours used Actual materials price Standard labor rate per hour Actual quantity of materials purchased and used Required: Compute for the Materials and Labor Variances 3,000 Hours P2.52 per unit P3.10 4,450 Units