A firm with a standard costing system applies $30,000 of fixed overhead (FOH) and $25,000 of variable overhead (VOH), and records the following overhead variances:

FOH Budget Variance	$3,000 Favorable
FOH Volume Variance	$0
VOH Spending Variance	$1,000 Favorable
VOH Efficiency Variance	$2,000 Unfavorable

Which of the following entries would be made to record variances at the end of the period, assuming that overhead is applied at standard costs over the course of the period?

Group of answer choices

Work-in-Process Inventory		$55,000
VOH Spending Variance		$1,000
FOH Budget Variance		$3,000
	VOH Efficiency Variance		$2,000
	COGS		$2,000
	MOH		$55,500

Work-in-Process Inventory		$55,000
	MOH		$55,000

Work-in-Process Inventory		$55,000
VOH Efficiency Variance		$2,000
COGS		$2,000
	VOH Spending Variance		$1,000
	FOH Budget Variance		$3,000
	MOH		$55,000

Work-in-Process Inventory		$55,000
VOH Efficiency Variance		$2,000
	VOH Spending Variance		$1,000
	FOH Budget Variance		$3,000
	MOH		$53,000

Work-in-Process Inventory		$53,000
VOH Spending Variance		$1,000
FOH Budget Variance		$3,000
	VOH Efficiency Variance		$2,000
	MOH		$55,000