Which of the following statements is true? I. A revenue variance is unfavorable if the revenue in the static planning budget is less than the revenue in the flexible budget. II. A favorable spending variance occurs when the actual cost is less than the amount of the cost in the static planning budget. III. A revenue variance is favorable if the actual revenue is greater than the revenue in the static planning budget. Multiple Choice Only statement III is true. All of the statements are true. Only statement I is true. None of the statements are true