Forever Mart (FM) has a Kaizen (continuous improvement) approach to budgeting activity area costs for each month of 2022. Each successive month, the budgeted cost driver rate decreases by 0.3% relative to the preceding month (so, for example, February's budgeted cost driver rate is 0.997 times January's budgeted cost driver rate, and March's budgeted cost driver rate is 0.997 times the budgeted February 2022 rate). FM assumes that the budgeted amount of cost driver usage remains the same each month. (Click the icon to view the four activities and their cost data.) Required 1. What is the total budgeted cost for each activity and the total budgeted indirect cost for March 2022? 2. What are the benefits of using a Kaizen approach to budgeting? What are the limitations of this approach, and how might FM management overcome them? C Requirement 1. What is the total budgeted cost for each activity and the total budgeted indirect cost for March 2022? Begin by calculating the budgeted cost driver rates for February. Then calculate March. (Round your answers to five decimal places.) Budgeted Cost Driver Rates

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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.