Data related to three jobs worked on in June follow: 

Job XX2 Job XX3 Job XX4 

Material cost P=42,000 P=164,000 P=78,000 

Direct labor cost 32,000 26,000 36,000 

Machine hours 17,000 9,000 5,800 

Actual material related overhead was P=118,400 and actual machine related overhead was P=185,600. 34. The total amount of overhead variance is ___________________ (state if over/underapplied)

Statement 1: Cost accounting is a set of formal methods developed for planning and controlling an organization's cost-generating activities related to its strategy, goals and objectives. Statement 2: Upstream costs include costs for research, development, product design and supply chain. 

A. Statement 1 is true; statement 2 is false.

 B. Statement 2 is true; statement 1 is false.

 C. Both statements are true. 

D. Both statements are false.