21. Which of the following is not a benefit of budgeting? A It eliminates the need for tracking actual cost activity B It sets benchmarks for performance evaluation. C it uncovers potential bottlenecks D, Rt formalizes a manager's planning efforts 2 Self-imposed budgets typically are A not subject to review by higher levels of management since to do so would contradict the participative aspect of the budgeting processing 8 not subject to review by higher levels of management except in specific cases where the input of higher management is required C subject to review by higher levels of management in order to prevent the budgets from becoming too loose. D. not critical to the success of a budgeting program 23. Which of the following represents the correct order in which the indicated budget documents for a manufacturing company would be prepared? A. Sales budget, cash budget, direct materials budget, direct labor budget B. Production budget, sales budget, direct materials budget, direct labor budget C. Sales budget, cash budget, production budget, direct materials budget D. Sales budget, cash budget, budgeted income statement, budgeted balance sheet 24. year Shown below is the sales forecast for Cooper Inc. for the first four months of the coming Jan Feb Mar Apr Cash sale Credit sales. S15,000 S24,000 18,000 $14,000 s100,000 $120,000 $90,000 $70,000 On average, 50% of credit sales are paid for in the month of the sale, 30% in the month tolow sale, and the remainder are paid two months after the month of the sale. Assuming there are bad debts, the expected cash inflow in March is: A. $138,000 B $122,000 C $119,000 D. $108,000