One major difference between a merchandiser’s master budget and a manufacturer’s master budget is that a : a merchandiser does not include direct materials, direct labor, and manufacturing overhead budgets, whereas a manufacturer does. b : a merchandiser does not include a sales budget, whereas a manufacturer does. c : a manufacturer does not include a sales budget, whereas a merchandiser does. d : a manufacturer does not include direct materials, direct labor, and merchandising overhead budgets, whereas a merchandiser does.