Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,100 units. Sales Costs Direct materials Direct labor Sales staff commissions Depreciation-Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-Office equipment Income PHOENIX COMPANY Fixed Budget For Year Ended December 31 Direct materials Direct labor sales staff commissions Depreciation-Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount); Administrative salaries Depreciation-Office equipment Income $ 3,171,000 moenix Company reports the following actual results. Actual sales were 18,100 units. Sales (18,1ee units) $ 3,846,250 Costs $ 1,172,880 278,740 63,350 295,000 211,000 281,455 271,000 581,550 199,000 492,275 966,400 226,500 60,400 295,000 196,000 241,600 255,000 572,550 199,000 $ 158,550

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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.