List the contents of a master budget for a manufacturing organization by identifying the two major components and the budgets within each of them
The major components of a master budget are, operating budgets and financial budgets.
1. Operating budgets
Sales budget
Production budget
Direct materials purchases budget
Direct labor budget
Overhead budget
Cost of goods manufactured budget
Cost of goods sold budget
Selling and administrative expense budget
2. Financial budgets
Budgeted income statement
Cash budget
Capital expenditures budget
Budgeted balance sheet
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