Second Chance Welding rebuilds spot welders for manufacturers. The following budgeted cost data for 2020 is available for Second Chance. Technicians' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Other overhead Total budgeted costs (a) Compute the rate charged per hour of labor. Time Charges $198,800 Labor rate. 56,800 7,100 $262,700 The company desires a $35 profit margin per hour of labor and a 23.00 % profit margin on parts. It has budgeted for 7.100 hours of repair time in the coming year, and estimates that the total invoice cost of parts and materials in 2020 will be $400,000. Material Loading Charges per hour $39,800 9,700 28,000 $77,500

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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.