Drifblim Fine Furniture Inc manufactures house decors. Brass sculptures are its best seller. The normal selling price of a piece of sculpture is P3,000. Drifblim has total assets amounting to P2,500,000 and liabilities of P1,500,000. Cost structure of the firm: Fixed Costs: producing and marketing their pieces brass of sculptures is P500,000 Variable costs per unit are the manufacturing costs (materials, labor and overhead) and marketing costs of P400 Production data: After careful study of the production processes, it was determined that manufacturing overhead was closely related to material usage. Thus manufacturing overhead to production is allocated based on pounds of materials used. The following are the production standards: Direct Material (brass) Direct Labor Variable Manufacturing overhead Actual results for August 2022 are as follows: Production Direct Material Purchased Input Cost/ Sculpture 0.3 lb at P100/lb 1.2 hrs at $200/hr 30.00 240.00 P60/lb x 0.3 lb 18.00 35,000 sculptures 12,000 lb at P110/lb Direct Materials Used Direct Labor Variable Manufacturing overhead 10,450 lbs 38,500 hrs for PB,085,000 P641,500 As a management accountant and business analyst for Drifblim, the undertakings are as follows: A. Variance Analysis. Ascertain whether each is favorable (F) or unfavorable (U) and recommendations for improvement. (1) Materials Price Variance P (2) Raw Materials Inventory P (3) Materials Quantity/Usage Variance P (4) Labor Rate Variance P (5) Labor Efficiency Variance P (6) Variable MOH Rate Variance P (7) Variable MOH Efficiency Variance: P