Pearce Company Pearce Company uses a standard cost system for its production process. Pearce Company applies overhead based on direct labor hours. The following information is available for July: Standard: Direct labor hours per unit Variable overhead per hour Fixed overhead per hour (based on 11,990 DLHs) Actual: Units produced Direct labor hours. Variable overhead Fixed overhead 2.20 $2.50 $3.00 4,400 8,800 $29,950 $42,300 Refer to Pearce Company Using the three-variance approach, what is the efficiency variance?