The inventory, purchases, and cost of goods sold budget for a merchandising company estimates all of the following except: A. merchandise inventory purchases needed for projected sales B. cost of goods sold C. direct materials purchases needed for projected sales D. ending merchandise inventory

For a merchandising company, the ____________ is part of the selling and administrative expense budget.

A.

manufacturing overhead

B.

merchandise purchases

C.

direct materials

D.

salaries expense

Which of the following statements is true of the capital expenditures budget?

A.

It includes the sales budget.

B.

It must be completed after the budgeted income statement is prepared.

C.

It is a part of the financial budget.

D.

It must be completed before the cash budget is prepared.