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How may of the following statements are true? 1. The budgeted income statement is typically prepared before the budgeted balance sheet. II. The cash budget

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How may of the following statements are true? 1. The budgeted income statement is typically prepared before the budgeted balance sheet. II. The cash budget is the starting point in preparing the master budget. III. The production budget is typically prepared prior to the sales budget. V. The direct labor budget is determined by the direct labor hour requirements. Numeric Response

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