P Corporation is trying to decide if it will need to borrow money in January. P Corp. forecasts sales of $36,000 and $24,000 and $40,000 for January, February, and March respectively. The company knows that 65 percent of sales are usually collected in the month of sale and the remainder are collected in the following month. Accounts receivable on January 1 are $16,000. The cash balance on January 1 is $12,000. What is the cash balance at the end of January assuming that cash is received only from customers, and that $48,000 is to be paid out during January? A. $4,200 B. $16,000 C. $12,600 D. $3,400 E. none of the above The budgeted amount of operating expenses (i.e. selling and administrative expenses) for a period can be found in the: A. cash budget B. budgeted income statement C. budgeted balance sheet D. sales budget A total labor variance is best defined as the difference between total: A. actual cost and the standard cost for the actual quantity of hours worked B. actual cost and the standard cost for the standard hours allowed to produce the output that was made C. standard cost for the actual quantity of hours worked and the standard cost for the standard hours allowed to produce the output that was made Depreciation on the production equipment would appear in which of the following budgets? A. production budget B. selling and administrative expense budget C. manufacturing overhead budget D. cash budget