IRUHFALSE. Write 'T' if the statement is true and '1" if the statement is false. 3) Managers take into account the company's past performance. market feedback, and anticipated 3} future events to prepare the budget. 13) When referring to direct labor. the price variance is often called the rate variance. 13) 16) The flexible-budget variance for revenues arises from the difference between the actual selling 16) price and the budgeted selling price and the difference between budgeted sales volume (units) and actual sales volume (units).3) Standard costing is a costing system that allocates overhead costs on the basis of the standard 3) overhead-cost rates times the standard quantities of the allocation bases allowed for the actual outputs produced. 12) The production-volume variance is a component of the sales-volume variance. 12)1b) The operating Income volume varlance Is measured as operating income {based on actual units 16) sold) minus operating Income per the statlc budget and is one of three components of the salesvolume variance. 18) Ideal rate is synonymous with standard rate. 18) 19) If a company has oniy one product. then variable Overhead could be thought of as being driven by 19) units produced. 20) If fixed overhead cost variances are always written off to Cost of Goods Sold, operating income can 20) be manipulated for either financial reporting or income tax purposes