operations: Budgeted selling price per unit Budgeted unit sales (all on credit): April May June July 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: 40% in the month of the sale 60% in the following month $ 118 The expected cash collections for May is closest to: 7,800 9,400 14,000 12,100 3 pounds $ 3.00 per pound 2.8 direct labor-hours $ 25.00 per direct labor-hour The ending finished goods inventory should equal 40% of the following month's sales. The ending raw materials inventory should equal 20% of the following month's raw materials production needs.
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.
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