Over and Under, Inc. manufactures weaving looms. Before the period began, the company prepared the following manufacturing overhead budget for an expected activity level of 15,000 direct labor hours (DL hrs): Variable Manufacturing Overhead Costs $322,500 Fixed Manufacturing Overhead Costs $205,000 By the end of the period, the company noted that 3,000 fewer direct labor hours were logged than expected. The total actual manufacturing overhead costs incurred during the period was $545,000, of which, $325,000 was fixed. Which of the following statements is incorrect for the above data? Question 3 options: The total volume variance can be calculated by multiplying the budgeted unit variable cost by the difference between the expected DL hrs and the actual DL hrs. The master budget variance related to fixed manufacturing overhead costs for the period equals $120,000. The company's flexible budget variance for total manufacturing overhead costs during the period equals $82,000. The volume variance for variable manufacturing overhead costs is favorable because fewer DL hrs were logged during production than expected. The flexible budget is populated using the cost behavior equation developed from the actual manufacturing overhead costs