Required: Complete the Production Department's Flexible Budget Performance Report. (Indicate the effect of each variance by selecting "F" favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round "rate pe hour" answers to 2 decimal places.) Labor-hours (q) Direct labor Indirect labor Utilities Supplies Equipment depreciation $ 7,100 $ 79,900 (q) + + + Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 $ 1.50 (q) (q) (q) 150/2 Actual Results 9,540 $164,250 5,024 Spending Variances budget per 1,840 F 1,510 U 0 None Flexible Budget $ 162,180 21,790 4,504 Activity Variances 624 U 0 None Planning Budget 9,060 18,878 4,360

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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.