1.)

Which of the following statements is true? Multiple Choice O A flexible budget is a comparison of actual revenues and costs at the actual level of activity to the actual revenues and costs incurred at the planned level of activity. O A flexible budget is a comparison of actual revenues and costs to what they should have been given the planned level of activity. O A flexible budget is an estimate of what revenues and costs should have been given the planned level of activity for the period. O A flexible budget is an estimate of what revenues and costs should have been given the actual level of activity for the period.Assume a manufacturing company provides the following information from its master budget for the month of May: Unit sales 5,000 Selling price per unit $ 40 Direct materials cost per unit $ 12 Direct labor cost per unit $ 10 Direct labor wage rate per hour $ 20 Predetermined overheard rate per direct laborhour $ 15 If the company maintains no beginning or ending inventories, what is the budgeted gross margin for May?