Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,300 units. Sales Costs 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 $ 3,060,000 994,500 244,800 61,200 300,000 198,000 229,500 247,000 435,000 197,000 $ 153,000
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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Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,300
units.
Sales
Costs
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
$ 3,060,000
994,500
244,800
61,200
300,000
198,000
229,500
247,000
435,000
197,000
$ 153,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3eeb2206-9ee8-46b0-ad5b-d8867fe9ecf8%2Fe6a80051-9179-4e69-9f6e-76a74bf75421%2Fpshvg_processed.png&w=3840&q=75)
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