Microsoft Inc. has large overheads in their headquarters at Seattle. Microsoft applies overhead based on direct labor hours. The variable overhead standard is 9 hours at $5.00 per hour. During October, Microsoft Company spent $296,800 for variable overhead. 62,940 labor hours were used to produce 7,100 units. What is the variable overhead rate variance for Microsoft? Multiple Choice $17,900 favorable $4,800 favorable $22,700 favorable $4,800 unfavorable Double entry book-keeping was created many centuries back in Europe and journal entries were an integral part of the book keeping system. At the end of the accounting period, all variances are closed to the account. Multiple Choice O o work in proces O Finished Goods O cost of Goods Manufactured O Cost of Goods Sold