Explain the budgetary process in detail as shown below.

SALES BUDGET PRODUCTION BUDGET OPERATING BUDGET DIRECT MATERIALS PURCHASES BUDGET DIRECT LABOR BUDGET OVERHEAD BUDGET COST OF GOODS MANUFACTURED BUDGET COST OF GOODS SOLD BUDGET" SELLING AND ADMINISTRATIVE EXPENSE BUDGET BUDGETED INCOME STATEMENT FINANCIAL BUDGETS CASH BUDGET BUDGETED BALANCE SHEET CAPITAL EXPENDITURES BUDGET