jeremiah company has established the following standards for a single unit of its main product, selfie camera tripod (stainless edition): inputs direct materials direct labor standards 3 metal bars at p5 per bar 2 labor hours at p10 per hour at the start of the year, the budget includes a planned production of 100 units of tripod based on normal capacity. at the end of the year, actual production was 120 units of tripod, which resulted to using 400 bars of metal, purchased at a cost of p6 per bar. required: 1. based on the budgeted production of 100 units: a. how many bars must the company plan to use? b. how much materials cost is included in the budget? 2. determine the actual cost of materials used. 3. based on actual production of 120 units: a. how many bars should have been used? b. how much materials cost should have been incurred? c. how many labor hours should have been spent? d. how much labor cost should have been incurred? 4. determine the following: a. material budget variance b. material standard cost variance c. materials quantity variance d. materials price variance 5. in the following year, photo purchased 500 bars at a total cost of p2,000 while only 400 bars out of these were used; the standard quantity allowed for the actual production was 380 bars. determine the following: a. total materials variance b. materials quantity variance c. materials price usage variance d. materials purchase price variance 6. during the month, a total payroll of p2,200 was paid to laborers, working 200 labor hours, to produce the 120 units of tripod. determine the following: a. total labor variance b. labor efficiency variance c. labor rate variance