Question 1 Not yet answered Marked out of 2.00 Flag question When performing the materials and labor variance calculations for variance analysis, only the actual production level should be used to determine both actual quantity and standard quantity of materials and to determine both actual and standard labor hours. Budgeted production levels should be disregarded. Select one: True False Question 2 Answer saved Marked out of 2000 Flag question For all cost variances, an actual cost that is lower than the standard cost will result in a variance that is unfavorable. Select one: o True False Flag question Question 3 Answer saved Marlind out of 2.00 When the direct materials price variance and the direct material quantity variance are added together (or netted together, if one is favorable and the other is unfavorable), the result will equal the total direct materials cost variance. Select one: True False When the direct labor rate variance and the direct labor efficiency variance are added together (or netted together, if one is favorable and the other is unfavorable), the result will be the total direct labor cost variance. Select one: True O False Question 5 Answer saved Mariced out of 2.00 P Flag question It is not necessary to place an "F" or a "U" beside every variance amount calculated when performing variance analysis. Select one: True False