A company budgeted for 1,000 units, and produced 1, 100 instead. Standard direct labor hours for 1,000 units are 50. Standard direct labor hours for 1, 100 units are 55. Fixed factory overhead is applied at the pre-determined rate of $10 per direct labor hour. Actual fixed factory overhead is $500. What is the amount and nature of the fixed factory overhead volume variance? $50 under-applied $0, neither under or over-applied $50 over-applied $500 under-applied