23. Which one of the following items is the last schedule to be prepared in the normal budget preparation process? a. Selling and Administrative Expense budget. b. Cost of goods sold budget. c. Manufacturing overhead budget. d. Cash Budget 24. Which one of the following organizational policies is most likely to result in undesirable managerial behavior? a. Joe Walk, the chief executive officer of Eagle Rock Brewery, wrote a memorandum to his executives stating, "Operating plans are contra b. The budgeting process at Madsen Manufacturing starts with operating c. Fullbright Lighting holds quarterly meetings of departmental managers to d. At Fargo Transportation, managers are expected to provide explanations for they should be met without fail." managers providing goals for their respective departments. consider possible changes in the budgeted targets due to changing conditions. variances from the budget in their departments. 25. The process of creating formal plan and translating goals into a quantitative format is a. Process costing b. Activity based costing c. Budgeting d. Variance analysis Using absorption costing, fixed manufacturing overhead costs are best described as a. Indirect product costs b. Direct product costs c. Indirect period costs d. Direct period costs 26. When using a variable costing system, the contribution margin discloses the excess of a. b. c. d. 27. Revenues over fixed costs. Projected revenues over the breakeven point. Revenues over variable costs Variable costs over fixed costs 28. Which method of inventory costing treats direct manufacturing costs and manufacturing overhead costs, both variable and fixed, as inventoriable costs? a. Direct costing b. Variable costing c. Absorption costing d. Conversion costing