Wildhorse Thaustries has adopted the following production budget for the four quarters of 2022: Quarter 1 Quarter 2 Quarter 3 Quarter 4 Units 6,200 8,200 8,900 9,900 Each unit requires 3 kg of raw materials costing $6 per kilogram. On December 31, 2021, the ending raw materials inventory was 1,860 kg. Management wants to have a raw materials inventory at the beginning of each quarter equal to 30% of the current quarter's production requirements. The production budget for the first quarter of 2023 will be 11,800 units. Prepare a direct materials purchases budget by quarters for 2022.

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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.