Summary of the Main Points Budgeting is the expression of our company’s plans, goals, and objectives, in relation to necessities to cover all the operational aspects. This budget is a master budget that will consider the mentioned constituents for the next fiscal period (one year) (Shim et al., 2011). It will consist of a number of sub budgets for all of the interrelated departments. Major components of the master budget involved staff will be gathering information for are: income and expenses, overhead and production costs, and the monthly, annual, average, and projection totals. The instructions regarding that particular type of data shall be collected to create the specific sub budgets as described below. The past budget revision and control shall also be performed and a development plan built.. An employee (manager) will be assigned a specific task, with respect to one of the described below constituents, by the head of each responsibility sector, according to the bottom-up approach. Detailed Instructions Necessary Information for Sub Budgets To create the complete master budget for the upcoming fiscal year, the following information shall be gathered and provided, by the responsible persons, to the senior manager. For the direct labor sub budget that is used for the number of labor hours ad their costs calculations, there are several types of the required data in quarterly format. Anticipated department’s product (number of units), total machine operator and other labor hours, machine operator and other labor costs, their totals, and grand total direct labor cost (Master budget definition, 2021). For the direct materials budget that contains calculations for the materials that shall be purchased in the next period, there is another set of the required data. The quantity of units, raw materials needed, planned ending amount for the current period, amount of the starting inventory and the one that shall be purchased, total cost (Milano, 2019). Manufacturing overhead budget is applied to display all manufacturing costs without previously described two direct ones. It contains the following information: administrative salaries and payroll taxes, depreciation, freight in and out, rent, supplies, travel and entertainment, utilities, and calculation of the total. Finished goods inventory budget is intended to estimate the cost of the final product based on the previous three budgets. Necessary information is direct materials, labor, and manufacturing overhead costs, their total, finished goods units, and their multiplication by the mentioned total cost per unit, which is ending finished goods inventory (Master budget definition, 2021). Production budget assists in forecasting the quantity of units that need to be manufactured in the next period. The information to be gathered is: forecasted unit sales, planned ending quantity of units, beginning number of units, the total number of units to be produced (Carlson, 2020). Sales budget represents the company’s expectations regarding the number of items to be sold for the next period (Milano, 2019). It includes the following types of data: forecasted unit sales, price per unit, their multiplication that is total