Problem 11: Materials, Labor and Factory Overhead Variances Julie Corporation uses a standard cost system and has the following standard variable costs. Direct Materials Direct Labor Variable Factory Overhead Standard Price or Rate P6.00 per meter ? P3.00 per direct labor hour Factory overhead is applied to production based on direct labor hours. During the month of February, 5,000 units were produced and sold to customers. The following are the selected production data for the month: Materials Direct Variable used Labor FOH Standard Cost allowed P84,000 P52,500 P21,000 Actual cost incurred P75,000 ? P18,000 Materials Quantity variance P6,000 U Actual direct labor hours 7,500 hours Standard FOH rate per direct labor hour P3.00/hr. Standard Price per meter P6.00/m. The difference between the standard and actual cost per unit produced is P0.15 favorable. Required: Compute the following: 1. The standard cost per unit of product. 2. The actual cost per unit of product. 3. Standard Quantity per unit. 4. Material Price variance. 5. Standard direct labor rate per hour. 6. Labor Rate variance. 7. Labor Efficiency variance 8. Variable Factory overhead spending variance. 9. Variable Factory overhead efficiency variance.