60. Standard costs A) help establish expected future costs. B) are the budgeted cost per unit in the present. C) may show past cost experience. D) all of these. 61. The direct materials and direct labor budgets provide information for preparing the A) manufacturing overhead budget. B) cash budget. C) sales budget. D) production budget. 62. If actual costs are greater than standard costs, there is a(n) A) unfavorable variance. B) error in the accounting system. C) favorable variance. D) normal variance. 63. What is the proper preparation sequencing of the following budgets? 1. Budgeted Balance Sheet 2. Sales Budget 3. Selling and Administrative Budget 4. Budgeted Income Statement A) 1, 2, 3, 4 B) 2, 3, 1, 4 C) 2, 3, 4, 1 D) 2, 4, 1, 3 64. The sale of land for cash would be classified as a cash inflow from an investing activity. A) True B) False 65. Which of the following would not appear as a fixed expense on a selling and admini- strative expense budget? A) Freight-out B) Property taxes C) Depreciation D) Office salaries