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 27,707   11,336   Central 7,373   3,332   West 6,499   2,575   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 26,900   $31   $833,900   Central 7,300   31   226,300   West 6,700   31   207,700       Total 40,900     $1,267,900             12" × 16" Frame:       East 10,900   $46   $501,400   Central 3,400   46   156,400   West 2,500   46   115,000       Total 16,800     $772,800   Total revenue from sales     $2,040,700   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: Question Content Area 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 74acbe026f99fa5_1 fill in the blank 74acbe026f99fa5_2 fill in the blank 74acbe026f99fa5_3 fill in the blank 74acbe026f99fa5_4%   Central fill in the blank 74acbe026f99fa5_5 fill in the blank 74acbe026f99fa5_6 fill in the blank 74acbe026f99fa5_7 fill in the blank 74acbe026f99fa5_8%   West fill in the blank 74acbe026f99fa5_9 fill in the blank 74acbe026f99fa5_10 fill in the blank 74acbe026f99fa5_11 fill in the blank 74acbe026f99fa5_12% 12" × 16" Frame:           East fill in the blank 74acbe026f99fa5_13 fill in the blank 74acbe026f99fa5_14 fill in the blank 74acbe026f99fa5_15 fill in the blank 74acbe026f99fa5_16%   Central fill in the blank 74acbe026f99fa5_17 fill in the blank 74acbe026f99fa5_18 fill in the blank 74acbe026f99fa5_19 fill in the blank 74acbe026f99fa5_20%   West fill in the blank 74acbe026f99fa5_21 fill in the blank 74acbe026f99fa5_22 fill in the blank 74acbe026f99fa5_23 fill in the blank 74acbe026f99fa5_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 74acbe026f99fa5_25 fill in the blank 74acbe026f99fa5_26% fill in the blank 74acbe026f99fa5_27   Central fill in the blank 74acbe026f99fa5_28 fill in the blank 74acbe026f99fa5_29% fill in the blank 74acbe026f99fa5_30   West fill in the blank 74acbe026f99fa5_31 fill in the blank 74acbe026f99fa5_32% fill in the blank 74acbe026f99fa5_33 12" × 16" Frame:   East fill in the blank 74acbe026f99fa5_34 fill in the blank 74acbe026f99fa5_35% fill in the blank 74acbe026f99fa5_36   Central fill in the blank 74acbe026f99fa5_37 fill in the blank 74acbe026f99fa5_38% fill in the blank 74acbe026f99fa5_39   West fill in the blank 74acbe026f99fa5_40 fill in the blank 74acbe026f99fa5_41% fill in the blank 74acbe026f99fa5_42   Question Content Area 3.  Prepare a 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 31704002efaa038_1 $fill in the blank 31704002efaa038_2 $fill in the blank 31704002efaa038_3 Central fill in the blank 31704002efaa038_4 fill in the blank 31704002efaa038_5 fill in the blank 31704002efaa038_6 West fill in the blank 31704002efaa038_7 fill in the blank 31704002efaa038_8 fill in the blank 31704002efaa038_9 Total fill in the blank 31704002efaa038_10   $fill in the blank 31704002efaa038_11 12" × 16" Frame:       East fill in the blank 31704002efaa038_12 $fill in the blank 31704002efaa038_13 $fill in the blank 31704002efaa038_14 Central fill in the blank 31704002efaa038_15 fill in the blank 31704002efaa038_16 fill in the blank 31704002efaa038_17 West fill in the blank 31704002efaa038_18 fill in the blank 31704002efaa038_19 fill in the blank 31704002efaa038_20 Total fill in the blank 31704002efaa038_21   $fill in the blank 31704002efaa038_22 Total revenue from sales     $fill in the blank 31704002efaa038_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.