BC Company uses a standard absorption costing system that allocates overhead on the basis of direct labor hours.$$ Here is their Statement of Gross Margin:

Statement of Gross Margin

$$

Standard revenue

$1,000,000$

Sales price variance

$(30,000)$

Sales volume variance

$60,000$

Net revenue

$1,030,000$

$$

$$

CGS @ Standard

$700,000$

Total direct labor variance

$30,000$

Direct materials price variance

$(50,000)$

Direct materials quantity variance

$40,000$

Fixed overhead budget variance

$50,000$

Fixed overhead volume variance

$(100,000)$

Variable overhead spending variance

$20,000$

Variable overhead efficiency variance

$(80,000)$

Adjusted Cost of Goods Sold

$610,000$

Gross Margin

$420,000$

Based on the information above, indicate if the following sentence is true or false:

"The firm produced more than projected in the budget.$\text{'}\text{'}$

$$

Group of answer choices

True

False