When using more than one cost driver we compute:

multiple choice $1$

revenue and activity variances, but not spending variances.

activity variances, but not revenue and spending variances.

revenue and spending variances, but not activity variances.

revenue and spending variances as well as well as activity variances.

Which of the following statements is true with respect to cost and revenue formulas?

multiple choice $2$

They are used to calculate actual results and the planning budget.

They are used to calculate flexible budgets, but not planning budgets.

They are used to calculate planning budgets and flexible budgets.

They are used to calculate actual results and the flexible budget.