9. The standard cost for a unit is: Direct materials: 5 lbs x 510 Direct Labor: 2 hours x $15 Variable Overhead 2 hours x 58 $50 $30 $16 Actual results: 2, 100 units produced. 10,000 lbs. of material were purchased for 598,000, and used in production. 4,280 labor hours used at a cost of $62,060. Actual variable overhead was $35,524. The variable overhead efficiency variance will be: (1 Point) O $1,200 favorable $1,284 unfavorable $1,924 unfavorable $640 unfavorable 10. At the end of the year, if variances are considered insignificant (immaterial): (1 Point) They should not be closed, because they are not temporary accounts, and should be carried over in the balance sheet to the next year They are closed to Work in Process inventory They are closed to COGS They are closed to Finished Goods inventory