A budget is best described as: Multiple Choice The minimum acceptable performance level. The most crucial component of a company's evaluation process. An informal statement of company's future plans usually expressed in monetary terms. A master control device. A formal statement of a company's future plans usually expressed in monetary terms.

Levine inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. direct materials (9 pounds at $1.80 per pound) $16.20 direct labor (6 hours at $14.00 per hour) $84.00 during the month of april, the company manufactures 270 units and incurs the following actual costs. direct materials purchased and used (2,500 pounds) $5,000 direct labor (1,660 hours) $22,908 compute the total, price, and quantity variances for materials and labor.