In the percentage-of-sales method of budgeting for advertising,industry data or the retailer's past experience should be used to determine suitable levels of expenditures.

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The percentage-of-sales method involves setting the advertising budget as a percentage of past or projected sales, which can be based on industry data or the retailer's own past experience. Therefore, this statement is true.

In the Percentage-Of-Sales Method of Budgeting for Advertising,industry Data or the Retailer's