Executive officers of Baird Company are wrestling with their budget for the next year. The following are two different sales est provided by two different sources. Source of Estimate. Sales manager Marketing consultant First Quarter $ 383,000 525,000 Second Quarter $ 316,000 465,000 Third Quarter $ 277,000 420,000 Fourth Quarter $ 478,000 647,000 Baird's past experience indicates that cost of goods sold is about 65 percent of sales revenue. The company tries to maintain percent of the next quarter's expected cost of goods sold as the current quarter's ending inventory. This year's ending invent $33,000. Next year's ending inventory is budgeted to be $34,000. Required

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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.