Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,800 pounds of oysters August. The company's flexible budget for August appears below: For Actual pounds (4) Revenue ($4.10q) Expenses: Quilcene Oysteria Flexible Budget the Month Ended August 31 Packing supplies ($0.30g) Oyster bed maintenance ($3,000) Wages and salaries ($2,200 - s0.30g) Shipping ($0.75g) Utilities ($1,220) Actual pounds Revenue Expenses: Other ($490 - s0.01g) Total expense Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income 7,800 $ 27,300 2,510 2,860 4,950 5,580 1,030 1,188 18,118 $ 9,182 7,800 $ 31,980 2,340 3,000 4,540 5,850 1,220 568 17,518 $ 14,462 Required: Calculate the company's revenue and spending variances for August (indicate the effect of each varlance by selecting "F" fo favorable. "U" for unfavorable, and "None" for no effect (Le., zero variance). Input all amounts as positive values.)

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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.