Double Bubble Inc. calculates direct manufacturing labor variances and has the following information: Actual hours worked: 200 Standard hours: 250 Actual rate per hour: $12 Standard rate per hour: $10 Given the information above, which of the following is correct regarding direct manufacturing labor variances? Select one: a. The price and efficiency variances are unfavorable. b. The price and efficiency variances are favorable. c. The price variance is favorable while the efficiency variance is unfavorable. d. The price variance is unfavorable while the efficiency variance is favorable. A financial budget quantifies managers' expectations regarding a company's income, cash flows, and financial position. Just as financial statements are prepared for past periods, financial statements can be prepared for future periods-for example, a budgeted income statement, a budgeted statement of cash flows, or a budgeted balance sheet. ect one: True False