Please answer #7,8,9 Standard Price or RateP6.00 per meterDirect MaterialsDirect LaborVariable Factory OverheadP3.00 per direct labor hourFactory overhead is applied to production based on direct labor hours. Duringthe month of February, 5,000 units were produced and sold to custorners. Thefollowing are the selected production data for the month:MaterialsDirectLaborP52,500VariableusedP84,000P75,000P6,000 UFOHP21,000P18,000Standard Cost allowedActual cost incurredMaterials Quantity varianceActual direct labor hoursStandard FOH rate per direct labor hourStandard Price per meter7,500 hoursP3.00/hr.P6.00 /m.The difference between the standard and actual cost per unit produced is PO.15favorable.Required: Compute the following:1. The standard cost per unit of product.2. The actual cost per unit of product.3. Standard Quantity per unit.4. Material Price variance.5. Standard direct labor rate per hour.6. Labor Rate variance.7. Labor Efficiency variance8. Variable Factory overhead spending variance.9. Variable Factory overhead efficiency variance. Problem 11: Materials, Labor and Factory Overhead VariancesJulie Corporation uses a standard cost system and has the following standardvariable costs.

SOLUTION- WORKING- STANDARD VARIABLE FOH 21000 RATE OF VARIABLE FOH 3 PER DIRECT LABOR HOUR…

Standard Price or Rate Direct Materials Direct Labor Variable Factory Overhead P6.00 per meter P3.00 per direct labor hour Factory overhead is applied to production based on direct labor hours. During the month of February, 5,000 units were produced and sold to customers. The following are the selected production data for the month: Variable Direct Labor P52,500 Materials FOH P21,000 P18,000 used Standard Cost allowed Actual cost incurred Materials Quantity variance Actual direct labor hours Standard FOH rate per direct labor hour Standard Price per meter P84,000 P75,000 P6,000 U 7,500 hours P3.00/hr. P6.00 /m. The difference between the standard and actual cost per unit produced is PO.15 favorable. Required: Compute the following: 1. The standard cost per unit of product. 2. The actual cost per unit of product. 3. Standard Quantity per unit. 4. Material Price variance. 5. Standard direct labor rate per hour. 6. Labor Rate variance. 7. Labor Efficiency variance 8. Variable Factory overhead spending variance. 9. Variable Factory overhead efficiency variance