Problem 9 (Overhead Variances): The following information is available from Tagaytay Corporation: Actual Factory Overhead P 15,000 Fixed overhead expenses - actual P 7,200 Fixed overhead expenses - budgeted P 7,000 Actual direct labor hours 3,600 hours Standards hours allowed at actual production 3,800 hours Budgeted direct labor hours 3,500 hours Variable overhead rate per direct labor hour P2.50