The direct labour budget of Yuvwell Corporation for the upcoming fiscal year contains the following details concerning budgeted direct labour-hours: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Budgeted direct labour-hours 8,000 8,200 8,500 7,800 The company's variable manufacturing overhead rate is $3.25 per direct labour-hour and the company's fixed manufacturing overhead is $48,000 per quarter. The only noncash item included in the fixed manufacturing overhead is depreciation, which is $16,000 per quarter. Al expenses are paid in the period incurred. Required: 1. Construct the company's manufacturing overhead budget for the upcoming fiscal year. 2. Compute the company's manufacturing overhead rate (including both variable and fixed manufacturing overheads) for the upcoming fiscal year. Round to the nearest whole cent.

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A: Debit is an entry recorded in the left side column of an account.

Q: Net income may be based on estimates.   true or False

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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.