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Sotelo Restaurants produced a one-year budget. At the end of the year, top managers and executives were disappointed to find that they had spent 8% more than they had planned without a compensating increase in sales. The most likely reason for this is that O lower level managers telt that they could exceed the goals set by executivos. lower level managers telt the budget was unfair the budget was not enforced by the accounting team O the budget was not based on sales forecasts. Westside Lamps has the following production cost information for table lamps: Direct Materials Direct Labor Overhead Quantity 3 pounds 1.5 hours 1.5 hours Unit Cost $1.40 $15 $6 Westside plans to make and sell 30,000 lamps in the next quarter what amount would they budget for cost of goods sold in the budgeted income statement? O $672,000 $2,016,000 $1.457.000 $1.071.000 Nancy's Nails and Spa is preparing its budgeted financial statements for 2022. Total assets on the budgeted balance sheet are $939,450. Ending current liabilities are $82,645. Ending retained earnings is $619.118. Nancy's paid no dividends. Common Stock on December 31, 2022 is $50,000. Compute total liabilities on December 31, 2022. $265532 O $270,332 O $315,532 $320.332 Waverly Shoes expects to have sales of $42,000 in August and $40,000 in September. Their cost of goods sold is usually 70% of their sales. If they plan to purchase $29,232 in August, what percent of their next month's inventory do they plan to keep in stock? O 8% 12% O 14% 10%

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