Bulluck Corporation makes a product with the following standard costs: 7 Standard Quantity or Standard Price or Rate Hours 2.30 per gram $24.00 per hour $ 3.30 per hour Direct materials 4.8 grams 0.8 hours Direct labor 0.8 hours Variable overhead The company reported the following results concerning this product in July 4,300 units 12,670 grams 3,200 hours 13,400 grams $2.50 per gram Actual output Raw materials used in production Actual direct labor-hours Purchases of raw materrials Actual price of raw materials purchased Actual direct labor rate Actual variable overhead rate $ 12.70 per hour $ 3.40 per hour 7 The company reported the following results concerning this product in July 4,300 units 12,670 grams Actual output Raw materials used in production 3,200 hours 13,400 grams $ 2.50 per gram $ 12.70 per hour $ 3.40 per hour Actual direct labor-hours Purchases of raw materials Actual price of raw materials purchased Actual direct labor rate Actual variable overhead rate The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead efficiency variance for July is: Multiple Choice