Cheney Company established a predetermined variable overhead cost rate at $21.00 per direct labor hour. The actual variable overhead cost rate was $19.20 per hour. The planned level of labor activity was 76,000 hours of labor. The company actually used 80,000 hours of labor. Required a. Determine the total flexible budget variable overhead cost variance and indicate the effect of the variance by selecting favorable (F) or unfavorable (U). (Select "None" if there is no effect (.e., zero variance).) es Total flexible budget variable overhead cost variance A product costing system is needed to determine the amount of product costs that should be reported on the income statement as selling and administrative expenses. True or False True False