Clingy Company budgeted the following unit sales: January 14,000, February 12,000, March 11,000, April 16,000, May 13,000. Each unit requires 2 yards of fabric which is estimated to cost $3.50 per yard. It is the company's policy to maintain a finished goods inventory at the end of each month equal to 20% of next month's anticipated sales. Clingy Company also have a policy of maintaining a raw materials inventory at the end of each month equal to 10% of the yards needed for the following month's production. There were 1,200 yards of fabric on hand at March 1. Instructions: Prepare a production budget and a direct materials budget for March.

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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.