For the month of August, M Company's records disclosed the following data relating to direct labor: Actual direct labor cost P10,000 Rate variance 1,000 F Efficiency variance 1,500 U Standard direct labor cost P9,500 For the month of August, M used 2,000 direct labor hours. The company's standard direct labor rate per hour is: P4.50 P4.75 P5.50 P5.00