11. All of the following budgets are prepared by merchandising companies except A) manufacturing overhead. B) capital expenditures. C) budgeted income statement D) cash. B. Fill in the blanks. 12 - 23. The management of Oasis Cookers LTD are studying the latest variance analysis results. Determine the financial variable is favourable or adverse. Finacial Variable Budgeted Actual Variance Favourable or Adverse Figures Results Sales Revenue 165 150 Cost of Materials 80 Labour Costs 23 Gross Profit 63 Overheads Net Profit 23 C. TRUE or FALSE 24. Budgets do not provide benchmarks to help managers evaluate performance