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A budget is a formal statement of future plans, usually expressed in monetary terms. True or False True False If a merchandiser's budgeted beginning inventory is $8,300, budgeted ending inventory is $9,400, and cost of goods old is expected to be $10,260, then budgeted purchases should be $11,360. True or False True False The manufacturing budgets include the sales budget and the budgeted income statement True or False True False The sales budget is derived from the production budget. True or False True True False