Carina Company produces and sells a product with the following material standards: Quantity -5 liters of raw materials per unit Price -P7.00 per liter Actual data on production and material costs for the previous month were gathered follows: Production -3,000 units of product Quantity of materials purchased - 20,000 liters Quantity of materials used - 14,000 liters Price paid for materials purchased - P7.10 per liter Required: a. Determine the total materials cost variance. b. Compute the price and quantity variances: c. Determine the purchase price variance.