The part of the variable overhead budget variance due to the difference between actual variable overhead cost and the standard cost allowed for the actual roswediscaled the Mumple Choice O variable overhead spending variance O variable overhead budget variance o oo Variable overhead efficiency variance variable overhead volume variance When inventory valuation is based on an appropriately established and effective standard cost system Multiple Choice 0 O cumulative varlances are recognized. 0 O a significant unfavorable net varlance may be reported as an expense of the current period. an Insignificant favorable net variance may be reported as an expense of the current period. 0 the explanatory notes to the financial statements will explain the disposition of the net variance