If a company assigns factory labor to production at a cost of $84,000 when standard cost is $80,000, what will the company do? Debit Labor Price Variance for $4,000 Credit Labor Price Variance $4,000 Debit Labor Quantity Variance for $4,000 Credit Labor Quantity Variance for $4,000 Budgeted overhead for Cinnabar industries at normal capacity of 30,000 direct tabor hours is $8 per hour variable and $4 per hour fixed in May. $310,000 of overhead was What is the overhead volume variance? $5,000 favorable $8,000 favorable $10,000 favorable $11,000 favorable What is the term for a standard which represents an efficient level of performance that is attainable under expected operating conditions? Ideal standard Loose standard Tight standard Normal standard What is a standard cost? A cost which is paid for a group of similar products The average cost in an industry A predetermined cost The historical cost of producing a product last year