Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,000 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) Revenue ($4.10q) Expenses: Packing supplies ($0.30 q) 2,100 Oyster bed maintenance ($3,500) 3,500 Wages and salaries ($2,200 + $0.25q) 3,950 Shipping ($0.75g) 5,250 Utilities ($1,220) 1,220 Other ($480 + $0.019) Total expense For the Month Ended August 31 Actual pounds 16,570 Net operating income $ 12,130 The actual results for August were as follows: Quilcene Oysteria Income Statement Revenue Expenses: 7,000 $ 28,700 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income 550 7,000 $ 26,600 2,270 3,360 4,360 4,980 1,030 1,170 17,170 $ 9,430 Required: 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.