Lansing Mfg. prepared the following annual abbreviated flexible budget for different levels of machine hours: 10,400 8,000 8,800 9,600 $17,600 $19,200 Variable manufacturing overhead $16,000 $20,800 Fixed manufacturing overhead 65,000 65,000 65,000 65,000 Each product requires four hours of machine time and the company expects to produce 2,000 units for the year. Assume that Lansing. Mfg. has decided to use units of production to apply overhead to production. In April of the current year, the company produced 180 units and incurred $1,500 and $5,300 of variable and fixed overhead, respectively. a. What amount of variable manufacturing overhead should be applied to production in April? Applied VOH? b. What amount of fixed manufacturing overhead should be applied to production in April? Applied FOH? c. Calculate the under- or overapplied variable and fixed overhead for April. Note: Do not use negative signs with your answers. Variable OH Fixed OH

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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.