Answer the following statements true (T) or false (F)
1. Fixed overhead volume variance is a flexible budget variance.
2. The direct materials cost and efficiency variances make up the total direct materials variance.
3. The total product cost flexible budget variance is obtained by adding direct labor efficiency variance and fixed overhead volume variance.
4. The total fixed overhead variance is the total of the variable overhead cost variance and fixed overhead volume variance.
5. When evaluating variances, exceptions can be expressed as a percentage of a budgeted amount or a dollar amount.
1. FALSE
2. TRUE
3. FALSE
4. FALSE
5. TRUE
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