A. The budget for cost of goods sold is prepared before the budgeted income statement and before any of financial budgets (capital budget, cash budget, budgeted balance sheet, budgeted statement of cash flows).

B. The income statement is an input to the balance sheet, so the income statement is prepared before the balance sheet.

C. The statement of cash flows is the last financial statement to be prepared in the budgeting process.

D. Cost of goods sold is a part of operating budget which culminates in the preparation of the budgeted income statement. The budgeted income statement is an input to the budgeted balance sheet, and the budgeted statement of cash flows is the last to be prepared in the budgeting process.