Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and flexible budget for the Production Department are based on the following formulas, where q is the number of labor-hours worked in a month: Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Direct labor Indirect labor Utilities Supplies Equipment depreciation Cost Formulas Factory rent Property taxes Factory administration $16.309 $4,400+ $1.809 $5,300+ $0.909 $1,600 + $0.209 $18,300 $2.60g The Production Department planned to work 4,300 labor-hours in March; however, it actually worked 4,100 labor-hours during the month. Its actual costs incurred in March are listed below: $8,500 $2,800 $13,500+ $0.909 Actual Cost Incurred in March $ 68,410 $ 11,320 $ 9,560 $ 2,670 $ 28,960 $ 8,900 $ 2,800 $ 16,600

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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.