The following information relates to Steele Manufacturing's overhead costs for the month: $35,600 Static budget variable overhead Static budget fixed overhead Static budget direct labor hours $15,200 14,300 hours 5,500 units Static budget number of units Steele allocates variable manufacturing overhead to production based on standard direct labor hours. Steele reported the following actual results for last month: actual variable overead, $35,100; actual fixed overhead, $15,000; actual production of 5,400 units at 2.2 direct labor hours per unit. The standard direct labor time is 2.6 direct labor hours per unit. Compute the variable overhead efficiency variance. (Round the answer to the nearest dollar.) OA. $4,831 U OB. $5,378 F C. $5,378 U OD. $4,831 F

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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.