Comprehensive variance analysis. Cooking Whiz manufactures premium food processors. The fol- lowing are some manufacturing overhead data for Cooking Whiz for the year ended December 31, 2017: Manufacturing Overhead Variable Fixed Actual Results Flexible Budget Allocated Amount $ 71,808 360,672 $ 80,640 368,640 $ 80,640 351,360 Budgeted number of output units: 915 Planned allocation rate: 2 machine-hours per unit Actual number of machine-hours used: 1,632 Static-budget variable manufacturing overhead costs: $76,860
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.
Compute Budgeted number of machine-hours allowed for actual output produced
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