Milo Company uses a standard cost system and develops its overhead rates from the current annual budget. The budget is based on an expected annual output of 50,000 units requiring 250,000 direct labor hours. Annual budgeted costs total P875,000 of which P375,000 is fixed overhead. A total of 52,000 units using 270,000 labor hours was produced during the year. Actual variable overhead costs for the year were P520,000 and actual fixed overhead costs were P400,000 Required: Compute overhead variances using two-way and four-way analysis