Question 20 3 pts Gross profit is calculated by deducting. from sales revenue. cost of goods sold selling and administrative costs total fixed costs total variable costs uestion 21 Which of the following statements is true of variable costing? It considers fixed selling and administrative costs as period costs. It considers variable selling and administrative costs as product costs. It considers variable manufacturing overhead as period costs. It considers fixed manufacturing overhead as product costs. Question 22 3 pts When preparing the budgeted balance sheet of a merchandising company, the amount of Merchandise Inventory can be obtained from the production budget capital expenditure budget and cash budget inventory, purchases, and cost of goods sold budget merchandise inventory account 3 pts Which of the following describes the production budget? It provides the quantity of finished goods to be produced during a budget period. It helps in planning to ensure the business has adequate cash. It depicts the breakdown of sales on the basis of terms and conditions of collection of sales revenue. It aids in planning to ensure the company has adequate inventory and cash on hand. Question 24 Which of the following is NOT a benefit of benchmarking? It can be used to compare a company's budgets to other leading companies through the use of industry averages. It helps companies develop budgets to assist in meeting performance goals. It does not help management highlight company problems. It helps companies determine where they can improve