Mustang Manufacturing Company established the following standard price and cost data: Sales price Variable manufacturing overhead Fixed manufacturing cost Fixed selling and administrative cost $ 200 per unit 120 per unit 300,000 total 140,000 total Mustang planned to produce and sell 20,000 units. Actual production and sales amounted to 21,500 units. Required a. How much is net income in the static budget? b. How much is net income in the flexible budget? Complete this question by entering your answers in the tabs below. Required A Required B How much is net income in the static budget? Master Budget Fixed manufacturing cost Fixed selling and administrative cost Sales Variable manufacturing cost Required A Required B >

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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.