The following information is available for Mathews Company: Sales $550,000 Total fixed expenses $150,000 Cost of goods sold 39,000 Total Variable expenses 160,000 A CVP income statement would report gross profits of $160,000. Contribution margin of $400,000. Gross profit of $190,000. Contribution margin of $190,000. T F The master budget consists of operating and financial budgets. Why are budgets useful in the planning process? they provide management with information about the company's past performance. They help communicate goals and provide a basis for evaluation. They guarantee the company will be profitable if it meets its objectives. They enable the budget committee to earn their paycheck. the financial budgets include the cash budget and the selling and administrative expense budget. cash budget and the budgeted balance sheet. budgeted balance sheet and the budgeted income statement. cash budget and the production budget. The operating budgets end with the budgeted balance sheet. production budget. cash budget. budgeted income statement. The following information is taken from the production budget for the first quarter: Beginning inventory in units 1, 800 Sales budgeted for the quarter 684,000 How many finished goods units should be produced during the quarter if the company desires 4.8000 units available to start the next quarter? 687,000 681,000 711,000 688, 800