Vinall Corporation makes one product and has provided the following information to help prepare the master budget for the next four months of operations: Budgeted selling price per unit Budgeted unit sales (all on credit): July August September October Raw materials requirement per unit of output Raw materials cost Direct labor requirement per unit of output Direct labor wage rate Credit sales are collected: 30% in the month of the sale 70% in the following month Raw materials purchases are paid: 20% in the month of purchase 80% in the following month $ 104 12, 250 13,600 13, 150 15,000 3.9 pounds $ 3.9 per pound 5.9 direct labor-hours $34.5 per direct labor-hour The ending finished goods inventory should equal 20% the following month's sales. The ending raw materials inventory should equal 20% of the following month's raw materials production needs. Required: a. What are the budgeted sales for August? b. What are the expected cash collections for August? c. According to the production budget, how many units should be produced in August?

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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.