Which of the following statements is true? 1.The master budget consists of a number of separate but interdependent budgets. 2.The production budget is typically prepared before the direct materials budget. 3.The selling and administrative budget is typically prepared before the cash budget. (2.5) 1) Only statement II is true. 2) Only statement Ill is true. 3) None of the statements are true. 4) All of the statements are true.