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

The correct answer is: merchandising budget.

Here's why:

1. Selling Expenses Budget: This is an operating budget. It estimates the selling expenses during a period. These expenses can include salaries, commissions, travel, advertising, and other costs related to the sales department.

2. Production Budget: This is also an operating budget. It outlines the number of units that must be produced within a certain period to meet the sales needs as well as inventory requirements.

3. Sales Budget: This is the first and most fundamental budget in the operating budget. It estimates future sales revenue by multiplying the expected unit sales volume for each product by its anticipated unit selling price.

4. Merchandising Budget: This is not an operating budget. It's a part of the financial budget, which includes capital expenditures, cash budget, and the budgeted balance sheet. The merchandising budget is used in businesses that sell merchandise instead of services. It includes the cost of goods sold, beginning and ending inventory, and gross profit.