The A Company produces toys for national distribution. Standards for the production of a particular toy are as follows: Materials: 12 ounces per unit at 56 centavos per ounce. Labor: 2 hours per unit at P2.75 per hour. During the month of December, the company produced 1,000 units. Information for the month follows: Materials: 14,000 ounces were purchased and used at a total cost of P7,140. Labor: 2,500 hours worked at a total cost of P8,000. Calculate the following: 1. Material price variance 2. Material quantity variance 3. Labor rate variance 4. Labor efciency variance