Addison Company budgets production of 2,470 units during the second quarter. Information on its direct labor and its variable and fixed overhead is as follows: Direct labor Variable overhead Fixed overhead Each finished unit requires 5 direct labor hours, at a cost of $8 per hour. Budgeted at the rate of $10 per direct labor hour. Budgeted at $520, eee per quarter. 1. Prepare a direct labor budget. 2. Prepare a factory overhead budget. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a factory overhead budget. ADDISON COMPANY Factory Overhead Budget Direct labor hours needed Budgeted variable overhead Budgeted total factory overhead Second Quarter < Required 1 Required 2

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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. 

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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.