Cornucopia Catering provides catered meals for business events and lunches in the Cincinnati area. The company uses two measures of activity, jobs and meals, in the cost formulas in its budgets and performance reports. The cost formula for catering supplies is $600 per month plus $83 per job plus $11 per meal. A typical job involves serving a number of meals to guests at a corporate function. The company expected its activity in July to be 28 jobs and 146 meals, but the actual activity was 24 jobs and 143 meals. The actual cost for catering supplies in July was $4,110. The catering supplies in the planning budget for July would be closest to: Multiple Choice O O $4,110 $4,530 $4,710 $4,165
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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