Use the following terms to complete the sentences that follow; terms may be used once, more than once, or not at all: Static Flexible Volume Spending Production manager Variable overhead rate Variable overhead efficiency Fixed overhead spending Purchasing manager Favorable Unfavorable Debit Credit Fixed overhead budget Fixed overhead volume 1. A 2. A budget is based on a fixed estimate of sales volume. variance represents the difference between actual and expected levels of activity. 3. The is typically responsible for the direct materials quantity variance. 4. The variable overhead rate variance is when the actual variable overhead rate is less than the standard variable overhead rate. 5. Unfavorable variances appear as entries; favorable variances appear as entries. 6. The variance is the difference between the number of actual direct labor hours used and the number of standard direct labor hours multiplied by the standard variable overhead rate. 7. Using less direct materials than expected results in a variance. 8. The 9. The 10. When recording journal entries, the actual cost is a is typically responsible for the direct labor efficiency variance. variance is sometimes also called the denominator variance. and the standard cost is a