Exercise 7-1B Budget responsibility Eric Lane, the controller of Harrison Industries, is very popular. He is easygoing and does not offend anybody. To develop the company's most recent budget, Mr. Lane first asked all department managens to prepare their own budgets. He then added together the totals from the department budgets to pro- duce the company budget. When Irene Harrison, Harrison's president, reviewed the company budget, she sighed and asked, "Is our company a charitable organization?" Required Write a brief memo describing deficiencies in the budgeting process and suggesting improvements