4. Which of the following is TRUE: Variance analysis is done through a comparison between budgeted and actual values for each element of cost or revenues. Variance analysis hides the specific causes of the difference. Production variance is composed by: sales volume variance, direct labor variance, direct labor variance, general and administrative overheads variance. Mix variance is one of the two components of the variance related to the gross contribution margin. Mix variance is calculating using the incidence of product sales on total sales. No one of the previous answers