Compute:

1. Material variances
2. Labor variances

Eagle's Wing Corporation has the following costs data on October 20xx i Standard variable costs per unit Direct materials: 2 kg at P4.00 P 8.00 Direct labor, 0.10 hours at P60 6.00 Variable manufacturing overhead, 0.10 hrs at P20 2.00 P 16.00 ii. Fixed manufacturing overhead cost Monthly budget, for 40,000 units or 4,000 hours P320,000.00 iii. Actual production costs Direct materials purchased: 200,000 kg at P4.80 +960,000.00 Direct materials used; 110,000 kg at P4.80 528,000.00 Direct labor, 6,000 hours at P56 336,000.00 Manufacturing overhead 444,000.00 iv. Actual units produced; 50,000 units Required: Using formula approach, compute the following: 1. Material variances 2. Labor variances 3. Overhead variances a. 2-way analysis b. 3-way analysis c. 4-way analysis