Chubbs Inc.'s manufacturing overhead budget for the first quarter of 2020 contained the following data. Variable Costs Indirect materials Indirect labor Utilities Maintenance Fixed Costs $11.300 10,000 7,200 5,500 Supervisory salaries Depreciation Property taxes and Insurance Maintenance $37,000 6,100 7,300 4,200 Actual variable costs were indirect materials $14,600, Indirect labor $9,400, utilities 59,200, and maintenance $4,800. Actual fixed costs equaled budgeted costs except for property taxes and insurance, which were $8,200. The actual activity level. equaled the budgeted level. All costs are considered controllable by the production department manager except for depreciation, and property taxes and insurance. (a) Prepare a manufacturing overhead flexible budget report for the first quarter. (List variable costs before fixed costs.) (b) Prepare a responsibility report for the first quarter.

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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.