Which of the following would not be included as a disbursement on a cash budget? Depreciation on factory equipment. 'O Materials purchases. All of the above would be included as disbursements on a cash budget. Direct labor costs. Contribution margin is equal to: Total sales minus variable manufacturing costs Total sales minus total variable costs Total sales minus total fixed costs Total sales minus cost of goods sold Variable cost per unit: O Increases as the activity level increases. O Remains constant as the activity level increases. Decreases as the activity level increases. May increase or decrease as the activity level increases