Respond that the following statements are TRUE or FALSE:

1) Fixed overhead volume variance is a flexible budget variance.

2) The aggregate of direct materials cost and efficiency variances results in total direct materials variance.

3) The total production cost flexible budget variance is obtained by adding direct labor efficiency variance and fixed overhead volume variance.

4) The total fixed overhead variance is obtained by summing up variable overhead cost variance and fixed overhead volume variance.

5) The exceptions under management by exception can be expressed as a percentage of a budgeted amount or a dollar amount.