The cash budget usually ends with

1)	The following months budgeted cash balance.

2)	The ending cash balance.

3)	Projected cash disbursements.

4)	Projected cash collections.

Which of the following is true?

1)	The cash budget is prepared after the sales budget but before the inventory purchases budget.

2)	The sales budget is prepared before the inventory purchases budget but after the cash budget.

3)	The inventory purchases and disbursements budget is prepared after the cash collections budget.

4)	The sales budget is the first budget prepared and the cash collections budget is the last budget prepared.