3 Apple Corporation produces a single product. The standard costs for one unit of its product are as follows: Direct materials (6 pounds at $0.50 per pound) $3 Direct labor (2 hours at $10 per hour) 20 Variable manufacturing overhead (2 hours at $5 per hour) 10 During November. 6,000 units were produced. The costs associated with November operations were as follows: Material purchased (36,000 pounds at $0.60 per pound) $21,600 Material used in production (28,000 pounds) Direct labor (12,800 hours at $9.75 per hour) 117,000 Variable manufacturing overhead incurred 53.760 What is the variable overhead efficiency variance for the product for November? $8,000 Unfavorable B $8,000 Favorable $ 4,000 Favorable $ 4,000 Unfavorable 1 Point F E Which of the following statement is CORRECT? Variable costs change, in per unit, in proportion to changes in the related level of activity or volume of output produced. B Costs are fixed or variable for a specific activity and/or for an indefinite time period. Product costs are treated as expenses of the accounting period in which the product is sold. Total Fixed costs change inversely with the level of production. Question 5 1 Point All costs of a product that are considered assets in a company's balance sheet when the costs are incurred and that are expensed as cost of goods sold only when the product is sold is called? Product costs B Variable costs Fixed costs D Inventoriable costs