Forecast Sales Volume and Sales Budget 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 32,760   12,932   Central 8,652   3,920   West 7,488   3,162   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 31,200   $19   $592,800   Central 8,400   19   159,600   West 7,800   19   148,200       Total 47,400     $900,600             12" × 16" Frame:       East 12,200   $29   $353,800   Central 4,000   29   116,000   West 3,100   29   89,900       Total 19,300     $559,700   Total revenue from sales     $1,460,300   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 $20 and the unit selling price for the 12" × 16" frame is expected to increase to $31, effective January 1, 20Y9. Required: 1.  Compute the increase or decrease of actual unit sales for the year ended December 31, 20Y8, 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 20Y8 Increase (Decrease) Actual Over Budget   Budget Actual Sales Amount Percent 8" × 10" Frame:           East fill in the blank 2b6054fbe056055_1 fill in the blank 2b6054fbe056055_2 fill in the blank 2b6054fbe056055_3 fill in the blank 2b6054fbe056055_4 %   Central fill in the blank 2b6054fbe056055_5 fill in the blank 2b6054fbe056055_6 fill in the blank 2b6054fbe056055_7 fill in the blank 2b6054fbe056055_8 %   West fill in the blank 2b6054fbe056055_9 fill in the blank 2b6054fbe056055_10 fill in the blank 2b6054fbe056055_11 fill in the blank 2b6054fbe056055_12 % 12" × 16" Frame:           East fill in the blank 2b6054fbe056055_13 fill in the blank 2b6054fbe056055_14 fill in the blank 2b6054fbe056055_15 fill in the blank 2b6054fbe056055_16 %   Central fill in the blank 2b6054fbe056055_17 fill in the blank 2b6054fbe056055_18 fill in the blank 2b6054fbe056055_19 fill in the blank 2b6054fbe056055_20 %   West fill in the blank 2b6054fbe056055_21 fill in the blank 2b6054fbe056055_22 fill in the blank 2b6054fbe056055_23 fill in the blank 2b6054fbe056055_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. Use the minus sign to indicate a decrease in percent. 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 2b6054fbe056055_25 fill in the blank 2b6054fbe056055_26 % fill in the blank 2b6054fbe056055_27   Central fill in the blank 2b6054fbe056055_28 fill in the blank 2b6054fbe056055_29 % fill in the blank 2b6054fbe056055_30   West fill in the blank 2b6054fbe056055_31 fill in the blank 2b6054fbe056055_32 % fill in the blank 2b6054fbe056055_33 12" × 16" Frame:   East fill in the blank 2b6054fbe056055_34 fill in the blank 2b6054fbe056055_35 % fill in the blank 2b6054fbe056055_36   Central fill in the blank 2b6054fbe056055_37 fill in the blank 2b6054fbe056055_38 % fill in the blank 2b6054fbe056055_39   West fill in the blank 2b6054fbe056055_40 fill in the blank 2b6054fbe056055_41 % fill in the blank 2b6054fbe056055_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 82db70fcdfeefcf_1 $fill in the blank 82db70fcdfeefcf_2 $fill in the blank 82db70fcdfeefcf_3 Central fill in the blank 82db70fcdfeefcf_4 fill in the blank 82db70fcdfeefcf_5 fill in the blank 82db70fcdfeefcf_6 West fill in the blank 82db70fcdfeefcf_7 fill in the blank 82db70fcdfeefcf_8 fill in the blank 82db70fcdfeefcf_9 Total fill in the blank 82db70fcdfeefcf_10   $fill in the blank 82db70fcdfeefcf_11 12" × 16" Frame:       East fill in the blank 82db70fcdfeefcf_12 $fill in the blank 82db70fcdfeefcf_13

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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.