Write a substantive post that answers the following questions:

1. What 4 variances comprise the 'under' or 'over' applied overhead?
2. If factory overhead is over-applied for the period, would you expect the total of the overhead variances to be favorable or unfavorable?
3. Why is the term overhead efficiency variance a misnomer?
4. Under what circumstances would you expect the volume variance to be favorable? Under what circumstances would you expect it to be unfavorable?