Indicate whether each of the following statements is true or false. Managerial performance can be evaluated by comparing actual amounts with standard amounts. True Differences between standard and actual amounts are called variances. True When the static budget is compared to a flexible budget based on actual volume of activity, any variances result from differences between standard and actual per-unit amounts. (Click to select) If the actual sales price per unit is higher than the standard, a company's sales price variance is unfavorable. (Click to select) Differences between flexible budget costs and revenues and the actual results are price variances. (Click to select)