Using Flexible Budgets The following summary data are from a performance report for Hyland Company for May, during which 21,600 units were produced. The budget reflects the company's normal capacity of 22,500 units. Actual Cost Budget 21,600 Type 22,500 units units $ $307,800 $315,000 $(7,200) Favorable 623,700 630,000 (6,300) Favorable 221,400 216,000 5,400 Unfavorable 162,900 162,000 900 Unfavorable $1,315,800 $1,323,000 $(7,200) Favorable Direct material Direct labor Variable overhead Fixed overhead Total a. Prepare a new performance report using flexible budgeting. Round all amounts to the nearest dollar. Variance Direct material $ Direct labor Variable overhead Fixed overhead Totals $ Actual Costs Variances 0 $ 0 0 0 0 $ Flexible Budget 0 $ 0 0 0 0 $ $ 0 0 0 0 0 ◆ Type b. Which of the two performance reports should Hyland Company management use to measure the company's operating efficiency in May? ♦ + ◆ +

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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.