IC Co is a shop that sells ice-creams and cakes. The following information relates to the year 20X6: Budgeted revenue Actual revenue Ice-creams ($) 120,000 150,000 Cakes ($) 60,000 90,000 Total ($) 180,000 240,000 The budgeted staff cost for 20X6 was $36,000. 15% of staff cost varies with sales value. What is the flexed budget for staff cost of IC Co for the year 20X6 (to the nearest $)? =[
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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