PMZ Corporation manufactured and sold 1200 pcs of Product A for the year 2020. The variable and fixed costs for 2020 are indicated in the table. PMZ pays its Income Tax based on the following scheme: Corporations pay a fixed 5,000 for the first PHP50,000 income and 12% in excess thereof. The NIAT of PMZ for 2020 is PHP 97,096.00. Direct materials used 25,200.00 *6500.00
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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