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MILKTI uses standard cost system for its production of milk tea. Milk tea is produced by mixing up the following major ingredients: milk, tea and sugar syrup. All ingredients are inventoried per liter for ease of accounting. Milk tea ane sold per cup, and to produce one cup of milktea needs 500ml Materials standards and costs for the production of one output are Ingredients MAR Tea Sugar syrup Total Input Outo Liters 0.40 0.05 0.05 0.500 0.500 Cost per liter (Phal 40.000 P61,500 60.00 100.00 50.00 Amount 24.00 5.00 2.50 31.50 The monthly factory overhead budget for a normal capacity level of 2.500 direct labor hours is as follow Variable Overhead P 22.500 Fixed Overhead To convert 0.50 of ingredients into 0:50 of output requires 0.20 direct labor hours at P65.00 per direct labor hour Factory overhead is applied on a direct labor hour basis. Actual data for the month of September follow The company has been able to produce 20,000 cups of milk tea, with cost as follows: Direct Labor 2,550 hours at P150,000 Variable Overhead 24,000 Fixed Overhead 40,000 Actual data for the month of September follows: The company has been able to produce 20,000 cups of milk tea, with cost as follows: Direct Labor 2,550 hours at P150,000 Variable Overhead 24,000 Fixed Overhead 40,000 Milk Tea Sugar Materials Purchased Quantity iters) 12.000 1.500 1,500 Material Yield Variance Labor Rate Variance Labor Efficiency Variance No Inventories of work in process at the beginning of the month existed. No beginning inventory of materials as well because the company practices Just in Time principle. The amount purchased is the amount to be used in making milk tea Format in answering number space letter (capital letter, maximum 2 decimal places, see example: 3.000.25 F or 1521.50 U Required FOH Production Volume Variance Cost/Ke FOH Flexble Budget Variance P 60.00 P100.00 P45.00