Pharoah Company has budgeted the follow 1 Sales: 46 200 units: unit selling pric
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.
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![Pharoah Company has budgeted the following for the year ended December 31, 2022:
1.
2.
3.
4.
Sales: 46,200 units; unit selling price $79.
Cost of one unit of finished goods: direct materials, 2 kg at $4 per kilogram; direct labour, 4 hours at $13 per hour; and
manufacturing overhead, $2 per direct labour hour.
Selling and administrative expenses: $163,000.
Income taxes: 25% of income before income taxes.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd2ed5e6c-0d63-4e2f-81c7-ef354af209b5%2F732884f5-bde7-41fa-95a4-6134e564c866%2F9atbvre_processed.png&w=3840&q=75)
![Prepare a budgeted income statement for the year ended December 31, 2022.
PHAROAH COMPANY
Budgeted Income Statement
For the Year Ended December 31, 2022
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