SkyChefs, Incorporated, prepares in-flight meals for a number of major airlines. One of the company's products is grilled salmon wit new potatoes and mixed vegetables. During the most recent week, the company prepared 4,000 of these meals using 750 direct labor-hours. The company paid its direct labor workers a total of $6,000 for this work, or $8.00 per hour. According to the standard cost card for this meal, it should require 0.20 direct labor-hours at a cost of $7.00 per hour. Required: 1. What is the standard labor-hours allowed (SH) to prepare 4,000 meals? 2. What is the standard labor cost allowed (SH x SR) to prepare 4,000 meals? 3. What is the labor spending variance? 4. What is the labor rate variance and the labor efficiency variance? (For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" f no effect (i.e., zero variance). Input all amounts as positive values.) 1. Standard labor-hours allowed 2 Standard labor cost allowed 3. Labor spending variance 4 Labor rate variance 4. Labor efficiency variance

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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. 

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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.