Global Limited is a large company that produces a lot of products. One of the products is a paint that is stored in containers. The variable standard cost per container is given below: Quantity/Hours Per liter / Per hour Standard cost Direct materials Direct labor Variable manufacturing overhead Fixed Cost 6 liters P2 P12 1 hour 1 hour 1 hour P9 P9 P6 P6 P10 P10 P37 The direct materials to produce this product is available in liquid form. During May, 60,000 liters of direct materials were purchased and 38,000 liters were sent to production department. The production for the month of May was 6,000 containers. Budgeted Fixed cost is P65,000. The following costs were incurred during May. Actual cost of materials purchased Actual direct labor cost Actual variable manufacturing overhead cost Variable manufacturing overhead efficiency variance P3,000 P114,000 P55,900 P40,950 Unfavorable Required: 1. Compute materials price variance and materials quantity variance. (Assume that the materials price variance is computed at the time of purchase.) 2. Compute direct labor rate variance and direct labor efficiency variance. 3. Compute variable manufacturing overhead spending variance. 4. Compute idle capacity and efficiency variance.