Hardin Fabrications is preparing its master budget for the third quarter. Average sales price of merchandise $220 Average ingots of steel per unit Cost of one steel ingot Direct labor hours per unit Direct labor rate per hour Projected Sales in Units January February March April May June July August September 1,500 1,875 1,750 2,000 1,200 1,900 2,250 2,100 1.650 3.5 $ 17.00 1.5 $ 19.00
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.
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