Which of the following statements is/are TRUE? I. A favorable variance results when actual costs exceed budgeted costs. Il. The purpose of variance analysis is to compare what happened with what we expected to happen. Ill. A favorable variance can be ignored by management. IV. An unfavorable variance is conclusive evidence of poor performance. O a) All of the statements are true. O b) II, Ill, and IV are true. O c) Only II is true. O d) ll and IV are true