Daves designs and manufactures fleece quarter-zip jackets. It sells its jackets to brand-name outdoor outfitters in lots of one dozen. May static budget and actual results for direct inputs are as follows: Static Budget Actual Results Number of jacket-lots (1 lot = 1 dozen = 12 units) 550 Direct materials per lot Direct manufacturing labor per lot Number of jacket-lots produced and sold Total direct materials Total direct manufacturing labor BIR 11 yards at $1.80 per yard 1.9 hours at $8.40 per hour 575 7,475 yards at $2.00 per yard 978 hours at $8.50 per hour 1. Calculate the direct materials and direct manufacturing labor rate and efficiency variances in May. 2. What is the total flexible-budget variance for both inputs (direct materials and direct manufacturing labor) combined?

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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.