Exercise 8-7A (Algo) Evaluating a decision to increase sales volume by lowering sales price LO 8-3, 8-4 Jordan Educational Services had budgeted its training service charge at $74 per hour. The company planned to provide 29,000 hours of training services during Year 3. By lowering the service charge to $56 per hour, the company was able to increase the actual number of hours to 30,700. Required a. Determine the sales volume variance, and indicate whether it is favorable (F) or unfavorable (U). Note: Select "None" If there is no effect (l.e., zero varlance). b. Determine the flexible budget variance, and indicate whether it is favorable (F) or unfavorable (U). Note: Select "None" If there is no effect (l.e., zero varlance). c. Did lowering the price of training services increase revenue?

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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.