In activity-based costing, the customer-level costs are allocated to customers and products. O True O False What is hybrid budgeting? A budgeting process where top management provides guidance at the onset of the process and then lets middle and lower management teams build the budget. O A budgeting approach where the top management team sets the budget targets and expects all business units to build budgets that achieve these targets. A budgeting approach where top management provides little to no guidance or targets and lets middle and lower management teams build a budget based on their own knowledge and understanding of the business. O A budgeting approach that combines budgeting and planning to estimate a company's future position. If actual revenue > budgeted revenue, then: Revenue variance is favourable. Revenue variance is unfavourable. What is the formula to calculate direct materials price variance? o Actual quantity purchased * (Actual price-Standard price) O Standard price * (Actual price-Standard price) O Standard price * (Actual quantity used-Standard quantity allowed) o Actual quantity purchased * (Actual quantity used-Standard quantity allowed) What is the formula to calculate the variable manufacturing overhead spending variance? Standard variable overhead rate * (Actual activity - Standard activity) O Standard variable overhead rate * (Actual variable overhead rate - Standard variable overhead rate) O Actual activity * (Actual variable overhead rate - Standard variable overhead rate) Actual activity * (Actual activity - Standard activity)