income statement for 2022. Relevant data pertaining to its sales, production, and direct materials budgets are as follows. total Sales Sales for the year are expected to 1,020,000 units. Quarterly sales are 20%, 25%, 26%, and 29%, respectively. The unit selling price is expected to be $40 for the first three quarters and $43 beginning in the fourth quarter. Sales in the first quarter of 2023 are expected to be 15% higher than the budgeted sales for the first quarter of 2022. Production Management desires to maintain the ending finished goods inventories at 25% of the next quarter's budgeted sales volume. Direct materials. Each unit requires 2 pounds of raw materials at a cost of $10 per pound. Management desires to maintain raw materials inventories at 10% of the next quarter's production requirements. Assume the production requirements for first quarter of 2023 are 459,000 pounds. Waterway budgets 0.4 hours of direct labor per unit, labor costs at $11 per hour, and manufacturing overhead at $18 per direct labor hour. Its budgeted selling and administrative expenses for 2022 are $6,120,000. (a) Your answer is correct. Calculate the budgeted total unit cost. (Round answer to 2 decimal places, e.g. 12.25.) Total unit cost 31.60

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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.