10. Istanbul company, developed standard costs for direct material and direct labor. In 2021, Ahmet estimated the following standard costs for one their major products. Budgeted quantity Budgeted price $50 per pound $11 per pound Direct materials 0.40 pounds Direct labor 0.50 hours During June, Istanbul produced and sold 4,000 products using 1,750 pounds of direct materials at an average cost pound of $48 and 2,090 direct manufacturing labor hours at an average wage of $11.30 per hour. The direct material manufacturing labor efficiency variance during June is A. $627.00 favorable B. $1,617.00 favorable C. $990.00 unfavorable D. $900.00 unfavorable
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.
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