Han Ji-San Company produces a device that can analyze a person's handwriting. To help monitor costs, it employs a standard costing system and uses a flexible budget to predict overhead costs at various levels of activity.

For the most recent year, it used a standardtotaloverhead rate of P16.50 per direct labor hour. The rate was computed using normal activity. Budgeted overhead costs are P726,000 for 36,000 direct labor hours and P990,000 for 60,000 direct labor hours (Hint: Use High-Low method to determine variable and fixed components). During the past year, the company generated the following data:

-Actual Production: 90,000 units

-Fixed overhead volume variance: P52,800 U

-Variable overhead efficiency variance: P28,600 U

-Actual fixed overhead costs: P300,000

-Actual variable overhead costs: P600,000

REQUIRED:

>Standard fixed overhead rate. Round off to two decimal places. Ex.: 10.00

>Determine the standard hours allowed per unit of product. Round off to two decimal places. Ex.: 10.00

>If the standard labor rate per hour is P12.50, determine the labor efficiency variance. If the variance is favorable, place a hyphen (-) before the figure. Ex.: -1,234