Rhodes Corporation manufactures a product with the following standard costs:

Direct materials (20 yards @ P1.85 per yard) P 37.00Direct labor (4 hours @ P12.00 per hour) 48.00Variable factory overhead (4 hours @ P5.40 per hour) 21.60Fixed factory overhead (4 hours @ P3.60 per hour) 14.40Total standard cost per unit of output P121.00

Standards are based on normal monthly production involving 2,000 direct labor hours (500 units of output).

The following information pertains to the month of July:Direct materials purchased (16,000 yards @ P1.80 per yard) P28,800Direct materials used (9,400 yards)Direct labor (1,880 hours @ P12.20 per hour) 22,936Actual factory overhead 16,850Actual production in July: 460 units

a. Compute the following variances for the month of July and prepare the journal entries, indicate whether the variance is favorable or unfavorable:(1) Materials purchase price variance(2) Materials quantity variance(3) Labor rate variance(4) Labor efficiency variance(5) FOH Controllable Variance(6) FOH Volume Variance