Cullumber Sleeper Ltd. manufactures and sells mattresses to retailers across Canada. In 2024, Cullumber Sleeper signed a two-year contract with Crane Ltd. to supply it with 41,800 mattresses at a price of $102 per unit. Cullumber Sleeper's cost to manufacture a mattress is $23. Cullumber Sleeper provides Crane with 30-day credit terms from the date of delivery. The following schedule summarizes the production, delivery, and payments in relation to the contract: Mattresses delivered Manufacturing costs incurred Cash payments received 2024 2025 Total 16,400 25,400 41,800 $377,200 $584,200 $961,400 $1,576,800 $2,535,800 $4,112,600

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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.