Which of the following statements is true? 1. The master budget consists of a number of separate but interdependent budgets. II. The production budget is typically prepared before the direct materials budget II. The selling and administrative budget is typically prepared before the cash budget. Multiple Choice Only statement It is true. Only statement Ill is true. All of the statements are true Multiple Choice Only statement Il is true. Only statement III is true. All of the statements are true. None of the statements are true