QUIZ PROBLEM SOLVING (9 items x 5 points) Answer the following items on the space provided. Show your computations. At the beginning of 201A, ABC Company had the following standard costs for one (1) of its chemical products: Direct material (3 pounds at P3.20) Labor standard (0.9 hours at P9.00) Variable overhead (0.9 hours at P1.50) Fixed overhead (0.9 hours at P4.00) Total P9.60 8.10 1.35 3.60 P22.65 ABC computes its overhead rates using budgeted capacity, which is 144,000 units. Actual results for 201A are: Units produced Materials purchased Materials used Direct labor ed overhead Variable overhead 140,000 units 421,175 lbs. at P3.30 421,000 lbs. 128,750 hrs at P8.90 P517 218,000 Required: Indicate whether favorable or unfavorable. 1. Material purchase price variance 2. Material price usage variance 3. Material quantity variance 4. Labor rate variance 5. Labor efficiency variance 6. Variable overhead rate variance 7. Variable overhead efficiency variance 8. Fixed spending variance 9. Fixed volume variance Rubric for problem solving: Performance Indicators Correct accounts and amounts used Computed final amounts are correct/balanced Total Points 3 2 5