Edney Company employs standard absorption system for product costing. The standard cost of its product is as follows: Raw materials P14.50 Direct labor (2 DLH @ P8) 16.00 Manufacturing overhead (2 DLH @ P1 1) 22.00 The manufacturing overhead rate is based on normal activity level of 600,000 direct labor hours. During the year, Edney planned to produce 25,000 units each month. The budgeted annual manufacturing overhead is Variable P3, 600,000 Fixed 3,000,000 Scanned with CamScanner During November, Edney Company produced 26,00v units. Edney used 53,500 direct labor hours in November at a cost of P433,350. Actual manufacturing overhead for the month was P260,000 fixed and P315,000 variable. The total manufacturing overhead applied during November was P572,000