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Which of the following statements best describes the relationship between the sales-forecasting process and the master-budgeting...

Which of the following statements best describes the relationship between the sales-forecasting process and the master-budgeting process? The sales forecast is typically completed before the master budget and has little impact on the master budget. The sales forecast is typically completed approximately halfway through the master-budget process. The sales forecast is typically completed before the master budget and has significant impact on the master budget. The sales forecast is typically completed before the master budget and has no impact on the master budget. The sales forecast is typically completed after completion of the master budget.

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