ACME Incorporated budgeted production for the fourth quarter of 2023 as follows: Month Production in Units October 25,000 November 30,000 December Total 35,000 90,000 250 grams of high-quality silica sand and 30 minutes of direct labour are required for each unit produced. At the start of the year, the expected quantity of raw materials was on hand. ACME's production policy states that 20% of next month's production needs should be available at the end of each month. Silica sand costs $1.00 per kilogram and the direct labour rate is $17.00 per hour. Required: Prepare a direct materials budget for October, including kilograms required and total cost. What is the expected direct labour cost for October? What amount will appear for raw material inventory on the budgeted balance sheet at October 31, 2023?

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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.