Question 15 4 pts Which of the following is referred to as the bottom-up approach to budgeting? lower-level managers setting their individual performance targets that aggregate to be the company-wide target lower-level managers providing inputs to the budgeting process based on their specialized knowledge and familiarity of the operation lower-level managers implementing the budgets with senior managers monitoring progress and investigating deviations O senior managers consulting middle- and lower-level managers to investigate any deviations from the budget D Question 16 4 pts Here is a list of variances you have calculated for the past year: Direct Materials (DM) Total Variance Sales-Volume (Activity) Variance $2,000 U $18,000 U MacE D Question 16 4 pts Here is a list of variances you have calculated for the past year: Direct Materials (DM) Total Variance Sales-Volume (Activity) Variance Direct Materials (DM) Price Variance Manufacturing Overhead (MOH) Variance $2,000 U $18,000 U $38,000 F $13,500 F What is the Direct Materials Efficiency (QTY) Variance? $6,000 U 0 $18,000 0 0 $40,000 0 O $40,000 F O $6,000 F O $18,000 F D Question 19 4 pts Your company makes red-striped overalls for students to wear to IU sporting events. Your company has a policy to produce enough overalls each month to ensure that 40% of next month's sales are in finished goods inventory at the end of each month. Here are the monthly details of the budgeted sales quantity for overalls: July - 2,300 August - 2,500 September 2,100 You had the following inventory at the end of June: Finished Goods (Overalls) - 920 What is the number of overalls you are expecting to produce in August? O 1,500 3,340 0 2,500 2,340