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Which of the following statements is true? Multiple Choice A flexible budget is a comparison of actual revenues and costs at the actual level of activity to the actual revenues and costs incurred at the planned level of activity. A flexible budget is a comparison of actual revenues and costs to what they should have been given the planned level of activity. A flexible budget is an estimate of what revenues and costs should have been given the planned level of activity for the period. A flexible budget is an estimate of what revenues and costs should have been given the actual level of activity for the period. A revenue variance is calculated by comparing the: Multiple Choice planning budget to the actual results. planning budget to the flexible budget. flexible budget to the actual results. static budget to the actual results. Assume that the amount of one of a company's variable expenses in its flexible budget is $40,000. The actual amount of the expense is $43,600 and the amount in the company's planning budget is $44,000. The spending variance for this expense is: Multiple Choice $3,600 U. $3,600F. $7,200F. $7,200 U