Write a substantive post (2 3 paragraphs) 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?
5. Does the volume variance measure deviations in spending for fixed overhead spending?