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Which of the following statements is true? Multiple Choice A planning budget is prepared before the period begins and is valid for only the actual level of activity A planning budget is prepared after the period ends and is vald for onty the planned level of activity. A planning budget is prepared before the period begins and is valid for only the planned level of activity. A planning budget is prepared after the period ends and is valid for only the actual level of activity. Which of the following statements is true? Multiple Choice A planning budget is prepared before the period begins and is valid for only the actual level of activity. A planning budget is prepared after the period ends and is valid for only the planned level of activity. A planning budget is prepared before the period begins and is valid for only the planned level of activity. A planning budget is prepared after the period ends and is valid for only the actual level of activity. Assume that a company's planned level of activity was 3,500 units. The variable portion of one of the company's mixed costs included in the planning was $2,450. The cost formula for the variable portion of the mixed cost that the company uses for budgeting purposes is: Multsple Choice $070 per unit. $1.43 per unit. 50.80 per unit. $123 per unit. Marvel Parts, Incorporated, manufactures auto accessories, One of the company's products is a set of seat covers that can be adjusted to fit nearly any small car. The company has a standard cost system in use for all of its products. According to the standards that hove been set for the seat covers, the factory should work 990 hours each month to produce 1,980 sets of covers. The standard costs associated with this level of production are: During August, the factory worked only 1,000 direct labor-hours and produced 2,200 sets of covers. The following actual costs were recorded during the month: At standard, each set of covers should require 3.0 yards of material. All of the materials purchased during the month wore used in production. Required: 1. Compute the materials price and quantity variances for August. 2. Compute the labor rate and efficiency variances for August. 3. Compute the variable overhead rate and efficiency variances for August