Straight Problem A company produces a single product that has the following standard costs: Materials 5 pieces at P4 per piece P20 Labor 3 hours at P10 per hour 30 Variable Overhead 3 hours at P15 per hour 45 Fixed Overhead 3 hours at P5 per hour 15 Total P110 The total budgeted fixed overhead is P15,000. This is for the budgeted production (the normal capacity level) of 1,000 units requiring total budgeted time of 3,000 hours. During the period, the company produced 1,100 units and incurred the following costs: Materials 5,600 pieces at P3-80 per piece P21,280 Labor 3,250 hours at Pl1 per hour 35,750 Variable Overhead 3,250 hours at P14-50 per hour 47,125 Fixed Overhead 16,000 Total P120,155