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Variance Performance Analysis Cryolab Inc makes and sells a lawn fertilizer called Hypergro. The company has developed standard costs for one bag of Hypergro as follows: Standard Quantity/Hours Standard Price/Rate Standard Cost per Bag Direct Material 25 pounds P 0.75 P18.75 Direct Labor 0.25 hours 269.00 P17.30 Variable overhead 0.25 hours P2400 P 6.00 Total P4205 The company had no beginning inventories of any kind on January 1. Variable overhead is applied to production on the basis of standard direct labor hours. During January, the following activity was recorded by the company Production of Fastgro: 23,000 bags Direct materials purchased: 585,000 pounds at a cost of P436 250 Direct labor worked: 5,800 hours at a cost of 9397,300 Variable overhead incurred: P140,650 Inventory of direct materials on January 31: 8,000 pounds Compute the variances and indicate whether it is FAVORABLE (F) or UNFAVORABLE(U) in your solution sheet. . The raw materials inventory at standards cost amounts to P Indicate in your solution sheet whether it is FAVORABLE or UNFAVORABLE