15. Which of the following best describes a production budget? a. A budeet that is based on sales projections plus an estimate of desired ending finished goods A budget that is nine finished goods inventory t eriale pecessary to achieve a desired level b. An estimate of all production costs, other than direct materials, necessary to achieve a desired level of production c. A short-term budget that focuses on the daily operations of the organization, d. A series of budget schedules outlining the organization's plans for the upcoming period e. None of the answer choices is correct. 16. Budgeted manufacturing overhead costs include all of the following except: a direct materials used in production. b. depreciation of manufacturing equipment. c. indirect materials used in production. dindirect labor such as the salary of a factory supervisor. e. None of the answer choices is correct. 17. Miller Inc. had the following sales during 2016: Quarter 1 Quarter 2 Quarter 3 Quarter 4 10,000 units 11.000 units 14.000 units 12.000 units Miller expects sales in each quarter of 2017 to be 10% more than the respective quarters for 2016. If each unit sells for $110, what amounts will appear as sales revenue in the quarterly sales budgets for 2017? a. $990,000; $1,089,000: $1,386,000: $1,188,000 b. $1,100,000: $1,210,000: $1,540,000; $1,320,000 c. $1,421,750; $1,421,750; $1,421,750; $1,421,750 d. $1,210,000; $1,331,000, $1,694,000; $1,452,000 e. None of the answer choices is correct. 18. In the direct materials purchases budget, the key equation used to determine direct materials to be purchased is: a. Materials needed in production - Desired materials in ending inventory + Materials in beginning inventory b. Materials needed in production + Desired materials in ending inventory + Materials in beginning inventory c. Materials needed in production + Desired materials in ending inventory - Materials in beginning inventory d. Materials needed in production - Desired materials in ending inventory - Materials in beginning inventory e. None of the answer choices is correct