An analysis of factory overhead by the (a) Two variance method, and (b) Three variance method. (5.) The Alpha Manufacturing Company employs a standard cost accounting system. The standard factory overhead rate was computed based on normal capacity: Budgeted variable expenses P 12,000 Budgeted fixed expenses 8,000 IECOSAC Handouts page 53 TOTAL P 20,000 FOH Rate ( P20,000/ 20,000 P 1.00 per DLH hours) Two labor hours are required to manufacture each finished unit. During the month. 9.000 units were completed There were no onening or closing work-in- e @ 1 sty Page 54 > of 63 o TOTAL P 20,000 FOH Rate ( P20,000/ 20,000 P 1.00 per DLH hours) Two labor hours are required to manufacture each finished unit. During the month, 9,000 units were completed. There were no opening or closing work-in- process inventories. 18,400 labor hours were worked and actual factory overhead was P18,200. Required: An analysis of FOH using (a) two variance method, and (b) three variance method and indicating whether each of the variances is favorable or unfavorable