Given the following data for a project: $($TBC: $800$ k$)$

Planned Value $($PV$)$: $$700,000$

Earned Value $($EV$)$: $$500,000$

Actual Cost $($AC$)$: $$550,000$

What is the Variance at Completion $($VAC$),$ and what does it indicate about the project's financial performance?

VAC $=$ TBC $-$ FCAC

VAC $=$ $$250,000$; Project is under budget

VAC $=$ $$150,000$; Project is under budget

VAC $=$ $$250,000$; Project is over budget

VAC $=$ $$150,000$; Project is over budget