Teamco Ltd manufactures products, which have a standard selling price of £250 per unit. The company operates a standard costing system and values stocks at standard cost. The standard variable cost of a NY is as follows: Direct material per unit Direct labour (2 hours @ £40 per hour) Production overhead per unit The budgeted and actual variable costs for last month were as follows: Actual units Sales 42000 Production 50000 56000 The actual sales and variable costs for last month were as follows: £ Budget units 50000 Sales Direct materials (purchased and used) Direct labour Variable production overhead £7,500,000 £3,000,000 £4.600,000 £3,300,000 Calculate the following cost variances for last month: Direct Material Variance i. ii. Total Variable Production Overhead Variance Direct labour Variance £50 £80 £60

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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. 

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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.