Cosmic Corporation is a new company that has not yet developed a formal planning and budgeting process. They have asked for your advice on how they should proceed. Specifically, they would like to know in which order the elements of the system should be done.

Required

Step Planning and Budgeting Element
Step 1 A. Evaluate actual results with the budget
Step 2 B. Make changes (corrections) to the operations and the plan
Step 3 C. Develop the organization’s goals
Step 4 D. Develop the master budget
Step 5 E. Develop the strategic long-range profit plan