Prepare and analyze a master budget for LMN Corporation using the following data:

Category	Amount ($)
Sales Revenue	$500,000
Cost of Goods Sold	$200,000
Operating Expenses	$150,000
Selling & Admin. Expenses	$50,000
Interest Expense	$10,000

Requirements:

• Prepare a sales budget, production budget, and operating expense budget.
• Calculate the budgeted net income.
• Present the analysis in a detailed table format.
• Discuss the significance of budgeting for planning and control.