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Prepare a master budget for Company L for the fiscal year 2024 using the following information: Sales Revenue Forecast: $2,000,000 Variable Costs as a Percentage

Prepare a master budget for Company L for the fiscal year 2024 using the following information:
- Sales Revenue Forecast: $2,000,000
- Variable Costs as a Percentage of Sales: 60%
- Fixed Costs: $500,000
- Expected Income Tax Rate: 20%
- Desired Ending Cash Balance: $100,000

Prepare the master budget for Company L based on the provided data.

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