Use the following information to answer questions 1 and 2: Budget Direct Labour Costs $360,000 Direct Labour Hours 25,000 Overhead Costs $600,000 Actual $420,000 26,500 $693,000 Beginning Work in Progress $ 14,000 Finished Goods $ 31,000 Materials $ 0 Ending $ 20,000 $ 35,000 $ 0 Overhead is allocated on Direct Labour costs using Normal Costing Materials Purchased during the year were $208,000. All materials are Direct Materials. 1. What is the Cost of Goods Manufactured? A. 1,299,997 B. 1,300,000 C. 1,310,000 D. 1,318,000 E. 1,322,000 2. What is the under/over applied Manufacturing Overhead? A. 4,000 over applied B. 4,000 under applied C. 7,000 over applied D. 7,000 under applied 3. Which of the following statements refers to management accounting information? A. There are no regulations governing the reports. B. The reports are generally delayed and historical. C. The audience tends to be stockholders, creditors, and tax authorities. D. It primarily measures and records business transactions. E. The reports are audited so can be used in confidence by potential investors. 4. The relevant range is important because A. it specifies which costs should be used for a given decision. B. it provides a basis for determining a range of acceptable cost alternatives. C. it is required to determine inventoriable costs under ASPE/IFRS. D. it specifies the limits beyond which the relationship of cost to cost drivers may not be valid. E. it determines the time horizon