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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.
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- 7. Rollers, Inc. uses a continuous or rolling budget. The month of March is about to end, so the company is now preparing estimates for April. Figures for the period January to March pertaining to factory supplies are as follows: Production Factory Supplies 144,612 170,712 153,312 Januar February March 90,000 108,000 96,000 If the budgeted production for April is 94,000 units, how much should the budgeted factory supplies be? a.130,500 b.151,040 с. 136,300 d. 150,4121. What raw materials cost would be included in the company’s planning budget for March? 2. What raw materials cost would be included in the company’s flexible budget for March? 3. What is the materials price variance for March? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance.). Input all amounts as positive values.)Fortune, Inc., is preparing its master budget for the first quarter. The company sells a single product at a price of $25 per unit. Sales (in units) are forecasted at 45,000 for January, 55,000 for February, and 50,000 for March. Cost of goods sold is $14 per unit. Other expense information for the first quarter follows. Prepare a budgeted income statement for this first quarter. (Round expense amounts to the nearest dollar.) Commissions . 8% of sales dollars Advertising 15% of sales dollars Interest 5% annually on a $250,000 note payable Tax rate . 30% Rent . . . . . . . . . . . . . . . . $14,000 per month Office salaries . . . . . . . . $75,000 per month Depreciation $40,000 per month
- Aggrava Limited is currently preparing budgets for September to December. Its estimated sales figures in units are as follows: (financial information) = September October November December Sales (units) 5,569 14,234 14,847 15,121 Inventories at 31 August totalled 16,234 units, and inventories are to be kept at a constant level for all months except December, when opening inventories on 1 December are to be increased to 23,118. Inventories will revert to the normal level on 31 December. Inventories will cost £2 per unit throughout the period, and suppliers allow Aggrava Ltd to pay in the month following an order. Other relevant information is that 3,497 units were bought in August. Requirement 1: Prepare Aggrava Ltd's inventories budget (in units) for September to December. Requirement 2: Prepare the information relevant to inventories purchases that would appear in the cash budget for the period. Question content area bottom Part…Symphony Electronics produces wireless speakers for outdoor use on patios, decks, etc. Their most popular model is the All Weather and requires four separate XL12 components per unit. The company is now planning raw material needs for the second quarter. Sales of the All Weather are the highest in the second quarter of each year as customers prepare for the summer season. The company has the following inventory requirements: a. The finished goods inventory on hand at the end of each month must be equal to 16,400 units plus 10% of the next month's sales. The finished goods inventory on March 31 is budgeted to be 28,700 units. b. The raw materials inventory on hand at the end of each month must be equal to 20% of the following month's production needs for raw materials. The raw materials inventory on March 31 for XL 12 is budgeted to be 98,800 components. c. The company maintains no work in process inventories. A sales budget for the All Weather speaker is as follows: April May June July…AirQual Test Corporation provides on-site air quality testing services. The company has provided the following cost formulas and actual results for the month of February: Variable Fixed Component per Month Component per Job $ 277 Actual Total for February $ 27,720 $ 8,350 $ 8,370 Revenue Technician wages $ 8,500 Mobile lab operating expenses $ 4,900 $ 33 Office expenses $ 2,400 $2 $ 2,470 Advertising expenses $ 1,600 $ 1,670 Insurance $ 2,850 $ 2,850 Miscellaneous expenses $ 960 $ 1 $ 375 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,900 plus $33 per job, and the actual mobile lab operating expenses for February were $8,370. The company expected to work 110 jobs in February, but actually worked 120 jobs. Required: Prepare a flexible budget performance report showing AirQual Test Corporation's revenue and spending variances and activity variances for February. (Indicate the effect of each variance by selecting "F"…
- Marst Corporation's budgeted production in units and budgeted raw materials purchases over the next three months are given below: Budgeted production (in units) Budgeted raw materials purchases (in pounds) Two pounds of raw materials are required to produce one unit of product. The company wants raw materials on hand at the end of each month equal to 30% of the following month's production needs. The company is expected to have 42,000 pounds of raw materials on hand on January 1. Budgeted production for February should be: Multiple Choice 80,600 units 80,000 units 103,400 units 74,000 units 4- March January February ? 80,000 151,600 158,800 70,000 142,400You are given the following budgeted and actual data for the Grey Company for each of the months January through June of the current year. In December of the prior year, sales were forecasted as follows: January, 100 units February, 95 units March, 102 units April, 107 units May, 114 units June, 122 units. In January of the current year, sales for the months February through June were reforecasted as follows: February, 90 units March, 102 units April, 102 units May, 104 units June, 117 units. In February of the current year, sales for the months March through June were reforecasted as follows: March, 97 units April, 102 units May, 99 units June, 117 units In March of the current year, sales for the months April through June were reforecasted as follows: April, 102 units May, 94 units June, 107 units In April of the current year, sales for the months May and June were reforecasted as follows: May, 84 units June, 102 units In May of the current year, sales for June were…You are given the following budgeted and actual data for the Grey Company for each of the months January through June of the current year. In December of the prior year, sales were forecasted as follows: January, 108 units; February, 103 units; March, 110 units; April, 115 units; May, 122 units; June, 130 units. In January of the current year, sales for the months February through June were reforecasted as follows: February, 98 units; March, 110 units; April, 110 units; May, 112 units; June, 125 units. In February of the current year, sales for the months March through June were reforecasted as follows: March, 105 units; April, 110 units; May, 107 units; June, 125 units. In March of the current year, sales for the months April through June were reforecasted as follows: April, 110 units; May, 102 units; June, 115 units. In April of the current year, sales for the months May and June were reforecasted as follows: May, 92 units; June, 110 units. In May of the current year, sales for June…
- Baxter Corporation's master budget calls for the production of 6,900 units per month and $256,680 indirect labor costs for the year. Baxter considers indirect labor as a component of variable factory overhead cost. During April, the company produced 4,690 units and incurred indirect labor costs of $13,200. What amount would be reported in April as a flexible-budget variance for indirect labor? is this variance favorable (F) or unfavorable (U)? (Leave no cell blank; if there is no effect enter "0" and select "None" from dropdown. Do not round intermediate calculations.) Flexible-budget varianceS ABC Company's raw materials purchases for June, July, and August are budgeted at $39,000, $29,000, and $54,000, respectively. Based on past experience, ABC expects that 70% of a month's raw material purchases will be paid in the month of purchase and 30% in the month following the purchase. Required: Prepare an analysis of cash disbursements from raw materials purchases for ABC Company for August. Budgeted raw material purchases August cash payments: Current month's purchases Prior month's purchases Total cash payments June July August $ 0You are given the following budgeted and actual data for the Grey Company for each of the months January through June of the current year. In December of the prior year, sales were forecasted as follows: January, 95 units; February, 90 units; March, 97 units; April, 102 units; May, 109 units; June, 117 units. In January of the current year, sales for the months February through June were reforecasted as follows: February, 85 units; March, 97 units; April, 97 units; May, 99 units; June, 112 units. In February of the current year, sales for the months March through June were reforecasted as follows: March, 92 units; April, 97 units; May, 94 units; June, 112 units. In March of the current year, sales for the months April through June were reforecasted as follows: April, 97 units; May, 89 units; June, 102 units. In April of the current year, sales for the months May and June were reforecasted as follows: May, 79 units; June, 97 units. In May of the current year, sales for June were…