Question 3: Consider the following two situations-cases A and B independently. Data refer to operations for April 2017. For each situation, assume standard costing. Also assume the use of a flexible budget for control of variable and fixed manufacturing overhead based on machine- hours. Fill in the blanks under each case. Cases B (1) Fixed manufacturing overhead incurred (2) Variable manufacturing overhead incurred $27,000 $10,511 $132,900 (3) Denominator level in machine-hours 45,000 (4) Standard machine-hours allowed for actual output achieved 4,700 (5) Fixed manufacturing overhead (per standard machine-hour) Flexible-Budget Data: $ 2.10 $130,500 (6) Variable manufacturing overhead (per standard machine-hour) (7) Budgeted fixed manufacturing overhead (8) Budgeted variable manufacturing overhead (9) $23,375 Total budgeted manufacturing overhead Additional Data: (10) Standard variable manufacturing overhead allocated (11) Standard fixed manufacturing overhead allocated (12) Production-volume variance (13) Variable manufacturing overhead spending variance (14) Variable manufacturing overhead efficiency variance Fixed manufacturing overhead spending variance $10,340 $19,975 $ 580 F $1,490 F $1,680 F Activate Windows 2$ 457 U (15) (16) Actual machine-hours used Go to Settings to activate Wit

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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.