The following information relating to a company's overhead costs is available. Actual total variable overhead Actual total fixed overhead Budgeted variable overhead rate per machine hour Budgeted total fixed overhead Budgeted machine hours allowed for actual output $98,000 $16,000 $ 2.50 $12,000 42,000 Based on this information, the total variable overhead variance is: Multiple Choice $2,000 favorable. $7,000 unfavorable. $4,800 unfavorable. $7,000 favorable. $4,800 favorable.