The fixed overhead volume variance is a volume variance, not a cost variance. False True Because it is a cost variance, the fixed overhead volume variance explains why fixed overhead is underallocated or overallocated. True False The total production cost flexible budget variance is obtained by adding direct labor efficiency variance and fixed overhead volume variance. True False On a standard cost income statement, the variances with debit balances are shown in parentheses because they are contra expenses and therefore decrease the expense Cost of Goods Sold. True False