A. The direct labor budget is part of the production budget, which is part of the operating budget. The production budget is developed after the sales budget, but it is not the last budget to be prepared.
B. The cost of goods sold budget is produced after the production budget. It is a part of the operating budget but it is not the last budget to be prepared.
C. The cash budget is the last budget to be prepared because all other budgets are inputs to it.
D. The manufacturing overhead budget is part of the production budget, which is part of the operating budget. The production budget is developed after the sales budget, but it is not the last budget to be prepared.
