Covax Ltd manufactures one product known as Covaccine. The following information relate to the preparation of the budget for the year ended 31 December 2020: Sales budget for the product Covaccine Expected selling price per unit           R150 Expected sales in units                  15 000 All sales are on credit. Covaccine requires 6 units of material A. Raw material A cost price is R5 per unit. Direct labour hours per unit is 1 hour at the cost of R8 per hour. Additional information: At 01 January 2020, stocks were as follows: Product Covaccine    800 units Raw material A         4 500 units At 31 December 2020, stocks were as follows: Product Covaccine    880 units Raw material A 4 950 units Prepare the following: 1.Sales budget 2.Production budget 3.Raw material budget

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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.