A flexible budget contains: Multiple Choice Cost targets based on actual output for the period. Cost targets based on planned output for the period. Actual costs incurred for the actual output of the period. Costs and revenues for the difference between planned and actual output. Costs based on actual output of the period, and revenue based on master budgeted output. A favorable price variance for direct materials indicates that: Multiple Choice O Lower-quality materials were purchased. O The materials standi The materials standard is likely out of date. O A lower price than expected was paid for the materials. O Less material was used in production this period than was allowed. O There will most likely be an unfavorable materials efficiency (quantity) variance