appears below: Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (q) Revenue ($4.10q) Expenses: Raw materials ($2.10g) Wages and salaries ($6,300 + $0.20g) Utilities ($2,100+ $0.05q) Facility rent ($3,100) Insurance ($2,600) Miscellaneous ($600 + $0.10q) Total expense Net operating income Budgeted meals (q) Revenue ($4.10q) n July, 22,000 meals were actually served. The company's flexible budget for this level of activity appears below: Flight Café Flexible Budget For the Month Ended July 31 Expenses: Raw materials ($2.10q) Wages and salaries ($6,300+ $0.20g) Utilities ($2,100+ $0.05q) Facility rent ($3,100) Insurance ($2,600) 21,000 $ 86,100 Miscellaneous ($600+ $0.10q) Total expense Net operating income 44,100 10,500 3,150 3,100 2,600 2,700 66,150 $ 19,950 22,000 $ 90,200 46,200 10,700 3,200 3,100 2,600 2,800 68,600 $ 21,600 Required: . Calculate the company's activity variances for July. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., z

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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.