Please answer all 20 questions

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) A major drawback of using historical results for judging current performance is that 1) A) past results may be inaccurate B) managers may have cooked the books C) results may refer to a different manager D) inefficiencies may be concealed in past results 2) models are mathematical models of the master budget that can react to any set of assumptions about sales, costs and product mix. A) Financial planning C) Strategic B) Long-range D) Operating budget 3) expense is driven by sales volume. 3) A) Insurance C) Depreciation B) Sales commission D) Rent 4) Voyager Company has the following data: May June July August $46,000 50,000 52,000 48,000 The cost of goods sold percentage is 80% of sales and the desired ending inventory level is 25% of next month's sales at cost. What is the beginning inventory on August 1? D) $9,600 A) 58,450 E) none of the aboove. B) $38,400 C) $4,200 5) The Smiley Company is preparing a budgeted income statement. The dollar amount of wages 5), - Expense can be found on the A) purchases budget B) operating expense budget C) sales budget D) schedule of cash collections from customers 6) Jaggers Company has the following data: 6) May $46,000 50,000 52,000 July August The cost of goods sold percentage is 65% of sales and the desired ending inventory level is 25% of next month's sales at cost. What are the expected total purchases for June? A) $40,950 E) none of the above B) $32,825 C) $17.500 D) $32,500