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Variance Performance Analysis Cryolab Inc makes and sells a lawn fertilizer called Hypergro. The company ha developed standard costs for one bag of Hypergro as follows: Standard Quantity/Hours 25 pounds Standard Price/Rate Standard Cost per Bag Direct Material P 0.75 P18.75 Direct Labor 0.25 hours P69.00 P17.30 Variable overhead 0.25 hours P24.00 P6.00 Total P42.05 The company had no beginting inventories of any kind on January 1. Variable overhead is applied to production on the basis of standard direct labor hours. During January, the following activity was recorded by the company: Production of Fastgro: 23,000 bags Direct materials purchased: 585,000 pounds at a cost of P436,250 Direct labor worked: 5,800 hours at a cost of P397,300 Variable overhead incurred: P140,650 . Inventory of direct materials on January 31: 8,000 pounds Compute the variances and indicate whether it is FAVORABLE (F) or UNFAVORABLE (U) in your solution sheet. The labor efficiency variance amounts to P Indicate in your solution sheet whether it is FAVORABLE or UNFAVORABLE For uniformity of answers, if the variance is FAVORABLE encode a minus sign before the numerical answer. Do not place spaces