ANSWER ASAP

MILKTI uses standard cost system for its production of milk tea. Milk tea is produced by mixing up the following major ingredients: milk, tea and sugar syrup. All ingredients are inventoried per liter (for ease of accounting). Milk tea are sold per cup, and to produce one cup of milk tea needs 500ml. Materials standards and costs for the production of one output are: Ingredients Liters Amount Cost per liter (Php) Milk 0.40 60.00 24.00 100.00 5.00 0.05 Tea 50.00 2.50 0.05 Sugar syrup 0.500 31.50 Total Input Output 0.500 The monthly factory overhead budget for a normal capacity level of 2.500 direct labor hours is as follows: Variable Overhead P 22,500 Fixed Overhead 40.000 Total P 61,500 To convert 0.50 of ingredients into 0.50 of output requires 0.20 direct labor hours at P65.00 per direct labor hour. Factory overhead is applied on a direct labor hour basis. Actual data for the month of September follows: The company has been able to produce 20.000 cups of milk tea, with cost as follows: Direct Labor 2.550 hours at P150,000 Variable Overhead 24,000 Fixed Overhead 40,000 Materials Purchased Quantity (liters) Cost/kg Milk 12.000 P 60.00 Tea 1,500 P 108.00 Sugar 1.500 P 45.00 No inventories of work in process at the beginning of the month existed No beginning inventory of materials as well because the company practices Just in Time principle. The amount purchased is the amount to be used in making milk tea 922 an No inventories of work in process at the beginning of the month existed. No beginning inventory of materials as well because the company practices Just in Time principle. The amount purchased is the amount to be used in making milk tea. Format in answering: number space letter (capital letter), maximum 2 decimal places, see example: -3,000.25 For 1521.50 U Required: Material Yield Variance Labor Rate Variance Labor Efficiency Variance FOH Production Volume Variance FOH Flexible Budget Variance