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The following standard costs were developed for one of the products of Jojo Corporation:

CoursHeroTranscribedText: STANDARD COST CARD PER UNIT Materials: 4 feet x P14.25 per foot P 57.00 Direct labor: 8 hours x P10 per hour 80.00 Variable overhead: 8 direct labor hours x P8 per hour 64.00 Fixed overhead: 8 direct labor hours x P12 per hour 96.00 Total standard cost per unit P297.00 The following information is available regarding the company's operations for the period: Units produced: 11,000 Materials purchased: 52,000 feet @ P13.95 per foot Materials used: 40,000 feet Direct labor: 84,000 hours costing P840,000 Manufacturing overhead incurred: Variable P756.000 Fixed P1,000,000 Budgeted fixed manufacturing overhead for the period is P960,000, and the standard fixed overhead rate is based on expected capacity of 80,000 direct labor hours.Required: 1. Calculate the materials price variance. 2. Calculate the materials usage variance. 3. Calculate the direct labor rate variance. 4. Calculate the direct labor efficiency variance. 5. Calculate the variable manufacturing overhead spending variance. 6. Calculate the variable manufacturing overhead efficiency variance. 7. Calculate the fixed manufacturing overhead spending variance. 8. Calculate the fixed manufacturing overhead volume variance

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