Which of the following statements is correct with regard to the variances calculated on a performance report? (must choose all correct answers to receive credit)

a)All material flexible budget variances should be investigated.

b)The master budget variance compares the static budget with the actual results.

c)The volume variance compares the flexible budget with the master budget.

d)Whether a variance is favorable or unfavorable is determined by the materiality threshold.

e)The flexible budget variance compares the actual results with the flexible budget.