Question 2 8 pts Ranger Company prepared a fixed budget of 40,000 direct labor hours, with estimated overhead costs of $200,000 for variable overhead and $60,000 for fixed overhead. Ranger then prepared a flexible budget at 38,000 labor hours. How much is total overhead costs at this level of activity? O $190,000 o $250,000 O $247,000 O $260,000 Question 1 7 pts Which one of the following is an advantage of using participative budgeting? o It is updated daily to reflect current activity. o It assures the company is operating at the activity level of the master budget. o It allows companies to compare the current with the previous year. O Lower level managers are more likely to perceive budgets as fair. Mars Manufacturing reported the following items for 2017: Income tax expense $ 30,000 Contribution margin 100,000 Controllable fixed 40,000 costs Interest expense 20,000 Total operating assets 325,000 How much is controllable margin? O $100,000 O $60,000 O $30,000 O $10,000