7. In going from the sales budget to the production budget, adjustments to the sales budget need to be made for a. finished goods inventories. b. cash receipts. c. factory overhead costs. d. selling expenses. 8. The selling and administrative expenses budget includes a. cost of goods sold. b. overhead. c. fixed production expense. d. variable cost of selling. e. all of these. D. Opportunity costs a. Are relevant to decision making, and are part of the financial statements b. Are not relevant to decision making, and are part of the financial statements c. Are relevant to decision making, and are not part of the financial statements d. Are not relevant to decision making, and are not part of the financial statements