1. Sprinter Company has the following standard material and labor quantities and costs for one unit of Product NMIX #125: Material 1.85 kilograms @ P157.50 per KILOGRAMS Labor 0,04 hours @ P540 per hour During July, the purchasing agent found a "good deal" on the raw material needed for Product NMIX #125 and bought 100,000 kilograms of material at P141.75 per pound. In July, the company produced 48.000 units of Product NMIX #125 with the following material and labor usage: Material 95,000 kilograms Labor 2,200 hours @ P544.40 (due to a renegotiated labor contract) Required: a. What is the standard quantity of material and the standard labor time for July? b. Calculate the material and labor variances for July. c. Did the purchasing agent really make a good deal" on the raw material? Justify your