Use this list of terms to complete the sentences that follow. hSERT Long-range plans 3 Sales forecast LETYE1,-. Participative budgeting E Operating budgets Financial budgets C Master budget establish goals for the company's sales and production personnel. is a set of interrelated budgets that constitutes a plan of action for a specified 1. 2. The time period. 3. reduces the risk of having unrealistic budgets. include the cash budget and the budgeted balance sheet. 5. The budget is formed within the framework of a 6.contain considerably less detail than budgets. E118 (LO 2, 3), AN Writing ations of Laurel Company for the month of August The following direct materials and direct labor data pertain to the oper Costs Quantities Actual labor rate $13 per hour Actual hours incurred and used 4,150 hours Actual materials price $128 per torn Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used ,220 tons 4,300 hours Standard labor rate $12.50 per hour $130 per torn Standard materials price 1,200 tons Instructions a. Compute the toal, price, and quanity variances for materialPh