Chapter 7 Flexible budgeting and performance evaluation Copr. Goedl 2023Owensville Pool Service is preparing a Flexible Budget Performance report for the month of July. Data for the planning budget and the actual results are provided below. Planning budget cost formulas Estimated units of production 15,000 Sales $16Q Wages and salaries $36,000 Employee benefits $12,000 Supplies $4Q Rent expense $5,000 Utilities $900 plus $0.25Q Misc. expenses $8,500 plus $1.50Q Actual results Actual units of production 12,400 Sales $ 192,200 Wages and salaries $36,000 Employee benefits $12,400 Supplies $54, 560 Rent expense $5,000 Utilities $3,380 Misc. expenses $26,800 Calculate the revenue/spending variance for Net operating income. Group of answer choices $(10,640) $26,650 $(26,650) $10,640

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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.