Which one of the following statements describes a budget report? o It is the preparation of long-term plans. o It is a comparison of actual results with planned objectives. O It includes the valuation of inventories. O It is voted on and approved by the stockholders. Gorman Company reported the following information for 2016: October November December Budgeted sales $620,000 $580,000 $720,000 All sales are on credit. Customer amounts on account are collected 50% in the month of sale and 50% in the following month. How much is the November 30, 2016 budgeted Accounts Receivable balance for Gorman? O $600,000 O $360,000 O $310,000 O $290,000 Feathers Mack Company is planning to sell 600 straw hats in June. Each hat requires 72 pound of straw and 4 hour of direct labor. Straw (the direct material) costs $0.20 per pound and employees of the company are paid $22 per hour. Feathers' has 80 pounds of straw and 40 hats in beginning inventory and wants to have 50 pounds of straw and 60 hats in ending inventory. How many units should Lewis Hats produce in June? 0 600 O 620 O 580 O 630