Jay Corporation has decided to prepare contribution income statements for internal planning. Budgeted information for Quarter 1 of Year 3: Sales in units Sales price per unit $ After analyzing expenses, the company has determined the following cost patterns. Cost of Goods Sold (per unit) $ 29.00 Sales Commissions (per dollar of sales) 9.50% 17,000 48.00 $ 45,000.00 Administrative Salaries (per quarter) Rent Expense (per quarter) $ 27,000.00 Depreciation Expense (per quarter) $ 36,000.00 1. Prepare a contribution margin income statement for Quarter 1 of Year 3. Sales Variable expenses: Cost of goods sold Jay Corporation Budgeted Income Statement For Year 3, Quarter 1 29.00

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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.