Which of the following is true of flexible budget?
◦ It calculates total variable cost by multiplying actual units by budgeted variable cost per unit.
◦ It calculates total fixed cost by multiplying actual units by budgeted fixed cost per unit.
◦ It calculates revenues by multiplying budgeted units by actual selling price per unit.
◦ It calculates contribution margin by multiplying budgeted units by actual contribution margin per unit.