The Minda Company has prepared a flexible budget of factory overhead for the year. A summarized portion of the budget is given below: PERCENTAGE OF NORMAL CAPACITY(100%) Variable overhead Fixed overhead Total overhead 80% P276,000 280,000 P556,000 90% 100% P310,500 P345,000 280,000 280,000 P590,500 P625,000 The company has budgeted 10,000 machine hours at the normal capacity level. Five(5) units of the product should be manufactured each machine hour. The company actually produced 40,000 units of the product during 2018 in 9.000 hours. Actual overhead for the year amounted to P601,500. REQUIRED: 1. Rewrite the flexible overhead budget using the format on page 428. 2. Make an overhead variance analysis using the 3-way(2), 4-way, and 2-way methods. ASSUMING ACTUAL PRODUCTION IS 45,000 UNITS. Here is the example format of flexible overhead budget. FLEXIBLE OVERHEAD BUDGET Normal Overhead Rate/Hour Standard time for one(1) pair x Normal production Normal Time 1.2 hours 2,500 prs. Actual Time Standard Time 1.2 hours x Actual production 2,800 prs. HOURS 3,000 3,200 3,360 Fixed overhead P10.00 P30,000 P30,000 P30,000 Variable overhead 40.00 120,000 128,000 134,400 Total factory overhead P50.00 P150,000 P158,000 P164,400