Which one of the following sets of items are all necessary components of the master budget?1. Prior sales reports, capital expenditures budget, and financial budgets.2. Sales budget, operating...

Which one of the following sets of items are all necessary components of the master budget?1. Prior sales reports, capital expenditures budget, and financial budgets.2. Sales budget, operating budgets, and historical financial budgets.3. Operating budgets, financial budgets, and capital expenditures budget.4. Operating budgets, historical income statement, and budgeted balance sheet.