Fixed overhead costs variances. Relevant data relating to fixed overhead costs of Lucky Chan Corporation for a recent period is given below:

Costs:

Actual fixed overhead incurred P88,000

Spending variance 4,000 F

Activity:

Number of units produced 9,500

Standard hours allowed per unit 3

Normal capacity (machine hours) 20,000

Overhead cost is applied to products on the basis of machine hours.

Required:

1. Budgeted fixed overhead
2. Fixed overhead rate per hour
3. Fixed overhead rate per unit
4. Volume variance