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