Whether in our personal lives or in business, most of us are probably familiar with the concept of a budget. From an operational perspective, it is essentially the forecast of how much funds are expected to be received in a given time period and how much in payments are estimated to be expended. The net result is earnings or profit. As part of the master budget process, budgets are set not only for operational objectives - e.g., an income statement level budget but also for the balance sheet and cash flows. Due to the scrutiny of the income statement, much focus is on the operational "income statement" budget. The income statement budget is derived from several components, including the sales, production, overhead, and selling and general administrative (SG&A) expenses budgets. Pleas apply this knowledge to the discussion task below: Continuing with the company selected in Unit 2, discuss how the income statement budget would be created for a year starting with the sales budget through the SG&A budget. Be sure to: Be specific in describing the component line items of each Identify the individuals that would be involved in developing the budgets Note: Your discussion should have a minimum of 250 words in length and no more than 450 words. Please include a word count. Following the APA standard, use references and in-text citations from the textbook and any other sources