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Problem 6. The following data are taken from the records of Sari-sari Store Company, a manufacturer of elegant dresses. Standard costs for a dozen of blouse: Direct materials 24 yards at P11 Direct labor 3 hours at P80 Factory overhead 3 hours at P40 Actual data for the period: Dozens produced 3,900 Materials used 93,365 yards Hours worked 11,000 hours Additional information: 95,000 yards of materials were purchased at a cost of P10.50 per yard. The material price variance is recorded when goods are purchased. Direct labor during the period amounted to P528,000 Factory overhead during the period amounted to P462,000 A total of P475,000 was budgeted for factory overhead for the year based on estimated production at the plant's normal capacity of 4,800 dozen blouses annually. Required: Determine the (a) materials price and materials usage variance and (b) labor rate and labor efficiency variance