Question: Hello! Please help me solve this problem. Provide solutions please. The following data are the actual results for Ivan Company for the month of May:

Hello! Please help me solve this problem. Provide solutions please.

The following data are the actual results for Ivan Company for the month of May:

Actual Output 4,500 units

Actual Variable Overhead P360,000

Actual Fixed Overhead P108,000

Actual Machine time 14,000 MH

Standard cost and budget information for Ivan Company follows:

Standard variable overhead rate P6.00 per MH

Standard quantity of machine hours 3 hours per unit

Budgeted fixed overhead P777,600 per year

Budgeted output 4,800 unit per month

The overhead efficiency variance is:

a. P3,400 favorable

b. P5,400 favorable

c. P3,000 unfavorable

d. P5,400 unfavorable

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