Home Modules Syllabus Announcements Assignments Quizzes Discussions McGraw-Hill Connect Zoom App Files Grades Variance Performance Analysis Cryolab Inc makes and sells a lawn fertilizer called Hypergro. The company has developed standard costs for one bag of Hypergro as follows: Standard Price/Rate Standard Cost per Standard Quantity/Hours Direct Material 25 pounds P 0.75 Direct Labor 0.25 hours P69.00 Variable overhead 0.25 hours P24.00 Total Bag P18.75 P17.30 P 6.00 P42.05 The company had no beginning inventories of any kind on January 1. Variable overhead is applied to production on the basis of standard direct labor hours. During January, the following activity was recorded by the company: People Pages BigBlueButton Collaborations Office 365 Google Drive Chat Reading List Production of Fastgro: 23,000 bags . Direct materials purchased: 585,000 pounds at a cost of P436,250 . Direct labor worked: 5,800 hours at a cost of P397,300 . Variable overhead incurred: P140,650 . Inventory of direct materials on January 31: 8,000 pounds Compute the variances and indicate whether it is FAVORABLE (F) or UNFAVORABLE (U) in your solution sheet.