Suppose a company uses direct labor hours to apply variable overhead. If the company's workers are inefficient during a period, which of the following statements regarding the variable overhead efficiency variance would be true? The variance would be favorable The variance would be unfavorable The variance would be the same amount as the labor efficiency variance Not enough information is given to determine the nature of the variance The difference between budgeted fixed overhead and applied fixed overhead is: Over-/under applied fixed overhead The fixed overhead budget variance The fixed overhead production-volume variance The fixed overhead efficiency variance A standard costing system will produce the same income as an actual costing system when standard cost variances are closed to: Work-in-process Work-in-process and finished goods Cost of goods sold Cost of goods sold and inventories