Jones Manufacturing incurred fixed overhead costs of $8,000 and variable overhead costs of $4,600 to produce 1,000 gallons of liquid fertilizer. It takes 2 hours of direct labor to produce 1 gallon of fertilizer. The standard hours allowed to produce 1,000 gallons of fertilizer is 2,000 hours. Predetermined overhead rate is $5/direct labor hour. What is the total overhead variance? $2,000U. $5,400U. $10,600U. $2,600U. In using variance reports, management looks for total assets invested. significant variances. competitors' costs in comparison to the company's costs. more efficient ways of valuing inventories. incorporates financial and nonfinancial measures in an integrated system. does not use financial or nonfinancial measures. is based solely on nonfinancial measures. is based solely on financial measures. The balanced scorecard 000 In Bonita Industries's income statement, they report gross profit of $49500 at standard and the following variances: $420 Materials price F Materials quantity 600 F Labor price 420 U 1000 Labor quantity Overhead F 900 F Bonita would report gross profit at standard of $44500. $43660. $47000. $50340