For 20Y8, Raphael Frame Company prepared the sales budget that follows. At the end of December 20Y8, the following unit sales data were reported for the year:   Unit Sales   8" × 10" Frame 12" × 16" Frame East 8,755   3,686   Central 6,510   3,090   West 12,348   5,616   Raphael Frame Company Sales Budget For the Year Ending December 31, 20Y8 Product and Area Unit Sales Volume Unit Selling Price Total Sales 8" × 10" Frame:       East 8,500   $16   $136,000   Central 6,200   16   99,200   West 12,600   16   201,600       Total 27,300     $436,800             12" × 16" Frame:       East 3,800   $30   $114,000   Central 3,000   30   90,000   West 5,400   30   162,000       Total 12,200     $366,000   Total revenue from sales     $802,800   For the year ending December 31, 20Y9, unit sales are expected to follow the patterns established during the year ending December 31, 20Y8. The unit selling price for the 8" × 10" frame is expected to increase to $17 and the unit selling price for the 12" × 16" frame is expected to increase to $32, effective January 1, 20Y9. Required: 1.  Compute the increase or decrease of actual unit sales for the year ended December 31, 20Y8, over budget. Enter any decreases beginning with a minus (-) sign.   Unit Sales, Year Ended 20Y8 Increase (Decrease) Actual Over Budget   Budget Actual Sales Amount Percent 8" × 10" Frame:           East fill in the blank 38807cfb905f03f_1 fill in the blank 38807cfb905f03f_2 fill in the blank 38807cfb905f03f_3 fill in the blank 38807cfb905f03f_4 %   Central fill in the blank 38807cfb905f03f_5 fill in the blank 38807cfb905f03f_6 fill in the blank 38807cfb905f03f_7 fill in the blank 38807cfb905f03f_8 %   West fill in the blank 38807cfb905f03f_9 fill in the blank 38807cfb905f03f_10 fill in the blank 38807cfb905f03f_11 fill in the blank 38807cfb905f03f_12 % 12" × 16" Frame:           East fill in the blank 38807cfb905f03f_13 fill in the blank 38807cfb905f03f_14 fill in the blank 38807cfb905f03f_15 fill in the blank 38807cfb905f03f_16 %   Central fill in the blank 38807cfb905f03f_17 fill in the blank 38807cfb905f03f_18 fill in the blank 38807cfb905f03f_19 fill in the blank 38807cfb905f03f_20 %   West fill in the blank 38807cfb905f03f_21 fill in the blank 38807cfb905f03f_22 fill in the blank 38807cfb905f03f_23 fill in the blank 38807cfb905f03f_24 % 2.  Assuming that the increase or decrease in actual sales to budget indicated in part (1) is to continue in 20Y9, compute the unit sales volume to be used for preparing the sales budget for the year ending December 31, 20Y9. Enter any decreases beginning with a minus (-) sign. Round budgeted units to the nearest whole unit.   20Y8 Actual Units Percentage Increase (Decrease) 20Y9 Budgeted Units (rounded) 8" × 10" Frame:   East fill in the blank 38807cfb905f03f_25 fill in the blank 38807cfb905f03f_26 % fill in the blank 38807cfb905f03f_27   Central fill in the blank 38807cfb905f03f_28 fill in the blank 38807cfb905f03f_29 % fill in the blank 38807cfb905f03f_30   West fill in the blank 38807cfb905f03f_31 fill in the blank 38807cfb905f03f_32 % fill in the blank 38807cfb905f03f_33 12" × 16" Frame:   East fill in the blank 38807cfb905f03f_34 fill in the blank 38807cfb905f03f_35 % fill in the blank 38807cfb905f03f_36   Central fill in the blank 38807cfb905f03f_37 fill in the blank 38807cfb905f03f_38 % fill in the blank 38807cfb905f03f_39   West fill in the blank 38807cfb905f03f_40 fill in the blank 38807cfb905f03f_41 % fill in the blank 38807cfb905f03f_42   3.  Prepare a sales budget for the year ending December 31, 20Y9. Raphael Frame CompanySales BudgetFor the Year Ending December 31, 20Y9 Product and Area Unit Sales Volume Unit Selling Price Total Sales 8" × 10" Frame:       East fill in the blank ab4751052fb8007_1 $fill in the blank ab4751052fb8007_2 $fill in the blank ab4751052fb8007_3 Central fill in the blank ab4751052fb8007_4 fill in the blank ab4751052fb8007_5 fill in the blank ab4751052fb8007_6 West fill in the blank ab4751052fb8007_7 fill in the blank ab4751052fb8007_8 fill in the blank ab4751052fb8007_9 Total fill in the blank ab4751052fb8007_10   $fill in the blank ab4751052fb8007_11 12" × 16" Frame:       East fill in the blank ab4751052fb8007_12 $fill in the blank ab4751052fb8007_13 $fill in the blank ab4751052fb8007_14 Central fill in the blank ab4751052fb8007_15 fill in the blank ab4751052fb8007_16 fill in the blank ab4751052fb8007_17 West fill in the blank ab4751052fb8007_18 fill in the blank ab4751052fb8007_19 fill in the blank ab4751052fb8007_20 Total fill in the blank ab4751052fb8007_21   $fill in the blank ab4751052fb8007_22 Total revenue from sales     $fill in the blank ab4751052fb8007_23

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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.