Complete the flexible budget variance analysis by filling in the blanks in the partial flexible budget performance report for 10,000 travel locks for Gordon, Inc. (Click the icon to view the report.) (For variances with a $0 value, make sure to enter "0" in the appropriate cells.) Gordon, Inc. Flexible Budget Performance Report (partial) For the Month Ended April 30, 2024 Units Sales Revenue Variable Costs Contribution Margin Fixed Costs Operating Income $ $ Actual Results 10,000 170,000 51,700 118,300 15,700 102,600 Flexible Budget Variance $ Flexible Budget 10,000 150,000 49,800 100,200 15,300 84,900
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.
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