All of the following are operating budgets except:Multiple choice question.production budgetsales budgetmerchandising budgetselling expenses budget

The correct answer is "merchandising budget".

Here's why:

1. Production Budget: This is an operating budget. It outlines the cost of direct materials, direct labor, and manufacturing overheads required to produce goods.

2. Sales Budget: This is also an operating budget. It estimates future sales revenue by multiplying the expected unit sales volume for each product by its anticipated unit selling price.

3. Merchandising Budget: This is not an operating budget. It is a part of the financial budget and it outlines the cost for purchasing merchandise inventory.

4. Selling Expenses Budget: This is an operating budget. It outlines the costs associated with selling products, such as advertising and sales commissions.