1. Prepare a sales budget for 2 quarters. Elliott Electronics Inc. produces and sells two models of pocket calculators, XQ-103 and XQ-104. The calculators sell for $15 and $25, respectively. Because of the intense competition, Elliott faces, management budgets sales semiannually. Its projections for the first 2 quarters of 2019 are as follows. Product XO-103 |XO-104 Unit Sales Quarter 2 22,000 15,000 Quarter 1 20,000 12.000 No changes in selling prices are anticipated. Instructions Prepare a sales budget for the 2 quarters ending June 30, 2019. List the products and show for each quarter and for the 6 months, units, selling price, and total sales by product and in total. Elliott Electronics Inc. Sales Budget For the Six Months Ending June 30, 2019 Quarter 2 Selling Total Quarter 1 Selling Total Six Months Selling Total Sales Product Units Price Sales Units Price Sales Units Price 4 4 5
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
- Prepare a sales budget for 2 quarters.
Elliott Electronics Inc. produces and sells two models of pocket calculators, XQ-103 and XQ-104. The calculators sell for $15 and $25, respectively. Because of the intense competition, Elliott faces, management budgets sales semiannually. Its projections for the first 2 quarters of 2019 are as follows.
No changes in selling prices are anticipated.
Instructions
Prepare a sales budget for the 2 quarters ending June 30, 2019. List the products and show for each quarter and for the 6 months, units, selling price, and total sales by product and in total.
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