Problem 7: A manufacturing company is expected to complete a task in 45 minutes. During a recent accounting period, 3,200 completed units were produced, resulting in the following labor variances: Labor rate variance P520 favorable Labor efficiency variance P 2,800 unfavorable Standard labor rate per hour P14.00 Required: Calculate (1) the standard hours allowed for the work performed, (2) the actual hours worked, and (3) the actual wage rate