Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 1,600 pounds of oysters in August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) 7,600 Revenue ($4.15q) $ 31,540 Expenses: Packing supplies ($0.35q) 2,660 Oyster bed maintenance ($3,100) 3,100 Wages and salaries ($2,400 + $0.409) 5,440 Shipping ($0.709) 5,320 Utilities ($1,220) 1,220 Other ($440 + $0.019) 516 Total expenses 18,256 $ 13,284 Net operating income The actual results for August were as follows: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income Required: 7,600 $ 27,400 2,830 2,960 5,850 5,050 1,030 1,136 18,856 $ 8,544 Calculate the company's revenue and spending variances for August.

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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.