Which of the following statements is false? Select one: a. A continuous or perpetual budget is a 12- month budget that rolls forward one month (or quarter) as the current month (or quarter) is completed. b. The budgeted variable selling and administrative expense is calculated by multiplying the budgeted units to be produced by the variable selling and administrative expense per unit. c. The direct labor budget begins with the required production in units from the production budget. d. The selling and administrative budget is typically prepared before the cash budget. e. The master budget consists of a number of separate but interdependent budgets.