I. Materials and Labor Variance Analysis SAF Company uses a standard cost system to help control costs and has established the following standards for one unit of its main product, The GoPro Camera Tripod: Inputs Standards Direct Materials 3 metal bars per tripod at P2.00 per bar Direct Labor 34 labor hour per tripod at P10 per hour At the start of the month, the budget includes a planned production of 100 units of tripod based on normal capacity; at the end of the month, actual production was 120 units of tripod, which resulted to using 400 bars of metal, purchased at a cost of P2.10 per bar. Requirement: 1. Based on the budgeted production of 100 units: a. How many metal bars must the company plan to use? (budgeted quantity) b. How much materials cost is included in the budget? (budgeted cost) 2. Determine the actual cost of materials used (actual cost) 3. Based on the actual production of 120 units: a. How many metal bars should have been used? (standard quantity) b. How much materials cost should have been incurred? (standard materials cost) c. How many labor hours should have been spent? (standard hours) d. How much labor cost should have been incurred? (standard labor cost) 4. Determine the ff: a. Materials Budget Variance b. Materials Standard Cost Variance C. Materials Quantity and Price Variance 5. During the month, a total payroll of P540 was paid to laborers, working 45 labor hours, to produce the 120 units of tripod. Determine the ff: a. Total Labor Variance b. Labor Efficiency Variance C. Labor Rate Variance