Torres Company has established standard costs for the cabinet department, in which one size of MX cabinet is made. The standard costs of producing one of these MX cabinets are shown below:

Standard Cost Card - MX Cabinet
Direct Material: Lumber 50 board ft at P 4	200
Direct Labor: 8 hours at P 10	80
Overhead Costs: Variable - 8 hrs at P5	40
Fixed - 8 hrs at P3	24
Total Standard Unit Cost	344

During June 2018, 500 of these cabinets were produced. The cost of operations during the month are shown below. There is no work in process at the beginning and end of the month.

Direct material purchased: 30,000 bf at P4.10	123,000
Direct materials used: 24,000 board ft
Direct labor: 4,200 hrs at P9.50	39,900
Overhead Costs : Variable Costs	22,000
Fixed Costs	11,000

The budgeted overhead for the cabinet department based on normal monthly activity of 4,500 hours is P 36,000 of which P 22,500 is variable and P 13,500 is fixed overhead.

1. Compute for the following variances for Prime Costs:
   1. Direct Material Price Variance
   2. Direct Material Usage Variance
   3. Direct Labor Rate Variance
   4. Direct Labor Efficiency Variance
2. Compute for the Factory Overhead Variance using:
   1. Two-way Analysis
   2. Three-way Analysis