A report for a company's Assembly Department for the month of March follows: Assembly Department Cost Report For the Month Ended March 31 Machine-hours Variable costs: Supplies Scrap Indirect materials Fixed costs: Actual Results 15,000 Master Budget Variances 20,000 $ 10,800 39,200 111,800 $ 11,400 42,000 133,500 $ 600 F 2,800 F 21,700 F 83,500 108,000 $ 353,300 78,000 5,500 U 108,000 $ 372,900 $ 19,600 F Wages and salaries Equipment depreciation Total cost Required: Prepare a flexible budget performance report for the month of March.
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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