What is the proper preparation sequencing of the following budgets? 1. Budgeted Balance Sheet 2. Sales Budget 3. Selling and Administrative Budget 4. Budgeted Income Statement 2,3,4,1 2,3,1,4 2,4,1,3 1,2,3,4 An overly optimistic sales budget may result in excessive inventories. increases in selling prices late in the year. increased sales during the year. insufficient inventories, Which of the following expenses would not appear on a selling and administrative expense budget? Depreciation Indirect labor Sales commissions Property taxes