Forecast Sales Volume and Sales Budget For 20Y6, Raphael Frame Company prepared the sales budget that follows. At the end of December 20Y6, the following unit sales data were reported for the year:   Unit Sales   8" × 10" Frame 12" × 16" Frame East 25,200   14,098   Central 6,695   3,920   West 5,760   2,958   Raphael Frame Company Sales Budget For the Year Ending December 31, 20Y6 Product and Area Unit Sales Volume Unit Selling Price Total Sales 8" × 10" Frame:       East 24,000   $31   $744,000   Central 6,500   31   201,500   West 6,000   31   186,000   Total 36,500     $1,131,500             12" × 16" Frame:       East 13,300   $46   $611,800   Central 4,000   46   184,000   West 2,900   46   133,400   Total 20,200     $929,200   Total revenue from sales     $2,060,700   For the year ending December 31, 20Y7, unit sales are expected to follow the patterns established during the year ending December 31, 20Y6. The unit selling price for the 8" × 10" frame is expected to increase to $32 and the unit selling price for the 12" × 16" frame is expected to increase to $48, effective January 1, 20Y7. Required: 1.  Compute the increase or decrease of actual unit sales for the year ended December 31, 20Y6, over budget. Use the minus sign to indicate a decrease in amount and percent. Round percents to the nearest whole percent.   Unit Sales, Year Ended 20Y6 Increase (Decrease) Actual Over Budget   Budget Actual Sales Amount Percent 8" × 10" Frame:           East fill in the blank 8ec8d2f48f83f92_1 fill in the blank 8ec8d2f48f83f92_2 fill in the blank 8ec8d2f48f83f92_3 fill in the blank 8ec8d2f48f83f92_4%   Central fill in the blank 8ec8d2f48f83f92_5 fill in the blank 8ec8d2f48f83f92_6 fill in the blank 8ec8d2f48f83f92_7 fill in the blank 8ec8d2f48f83f92_8%   West fill in the blank 8ec8d2f48f83f92_9 fill in the blank 8ec8d2f48f83f92_10 fill in the blank 8ec8d2f48f83f92_11 fill in the blank 8ec8d2f48f83f92_12% 12" × 16" Frame:           East fill in the blank 8ec8d2f48f83f92_13 fill in the blank 8ec8d2f48f83f92_14 fill in the blank 8ec8d2f48f83f92_15 fill in the blank 8ec8d2f48f83f92_16%   Central fill in the blank 8ec8d2f48f83f92_17 fill in the blank 8ec8d2f48f83f92_18 fill in the blank 8ec8d2f48f83f92_19 fill in the blank 8ec8d2f48f83f92_20%   West fill in the blank 8ec8d2f48f83f92_21 fill in the blank 8ec8d2f48f83f92_22 fill in the blank 8ec8d2f48f83f92_23 fill in the blank 8ec8d2f48f83f92_24% 2.  Assuming that the increase or decrease in actual sales to budget indicated in part (1) is to continue in 20Y7, compute the unit sales volume to be used for preparing the sales budget for the year ending December 31, 20Y7. Use the minus sign to indicate a decrease in percent. Round budgeted units to the nearest whole unit.   20Y6 Actual Units Percentage Increase (Decrease) 20Y7 Budgeted Units (rounded) 8" × 10" Frame:   East fill in the blank 8ec8d2f48f83f92_25 fill in the blank 8ec8d2f48f83f92_26% fill in the blank 8ec8d2f48f83f92_27   Central fill in the blank 8ec8d2f48f83f92_28 fill in the blank 8ec8d2f48f83f92_29% fill in the blank 8ec8d2f48f83f92_30   West fill in the blank 8ec8d2f48f83f92_31 fill in the blank 8ec8d2f48f83f92_32% fill in the blank 8ec8d2f48f83f92_33 12" × 16" Frame:   East fill in the blank 8ec8d2f48f83f92_34 fill in the blank 8ec8d2f48f83f92_35% fill in the blank 8ec8d2f48f83f92_36   Central fill in the blank 8ec8d2f48f83f92_37 fill in the blank 8ec8d2f48f83f92_38% fill in the blank 8ec8d2f48f83f92_39   West fill in the blank 8ec8d2f48f83f92_40 fill in the blank 8ec8d2f48f83f92_41% fill in the blank 8ec8d2f48f83f92_42 3.  Prepare a sales budget for the year ending December 31, 20Y7. Raphael Frame Company Sales Budget For the Year Ending December 31, 20Y7 Product and Area Unit Sales Volume Unit Selling Price Total Sales 8" × 10" Frame:       East fill in the blank 30e5c4fc0ffcf9b_1 $fill in the blank 30e5c4fc0ffcf9b_2 $fill in the blank 30e5c4fc0ffcf9b_3 Central fill in the blank 30e5c4fc0ffcf9b_4 fill in the blank 30e5c4fc0ffcf9b_5 fill in the blank 30e5c4fc0ffcf9b_6 West fill in the blank 30e5c4fc0ffcf9b_7 fill in the blank 30e5c4fc0ffcf9b_8 fill in the blank 30e5c4fc0ffcf9b_9 Total fill in the blank 30e5c4fc0ffcf9b_10   $fill in the blank 30e5c4fc0ffcf9b_11 12" × 16" Frame:       East fill in the blank 30e5c4fc0ffcf9b_12 $fill in the blank 30e5c4fc0ffcf9b_13 $fill in the blank 30e5c4fc0ffcf9b_14 Central fill in the blank 30e5c4fc0ffcf9b_15 fill in the blank 30e5c4fc0ffcf9b_16 fill in the blank 30e5c4fc0ffcf9b_17 West fill in the blank 30e5c4fc0ffcf9b_18 fill in the blank 30e5c4fc0ffcf9b_19 fill in the blank 30e5c4fc0ffcf9b_20 Total fill in the blank 30e5c4fc0ffcf9b_21   $fill in the blank 30e5c4fc0ffcf9b_22 Total revenue from sales     $fill in the blank 30e5c4fc0ffcf9b_23

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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.