Prepare a master budget and evaluate performance using variance analysis.

Item	Budgeted Amount ($)	Actual Amount ($)
Sales Revenue	$500,000	$480,000
Direct Materials	$100,000	$110,000
Direct Labor	$80,000	$75,000
Manufacturing Overhead	$50,000	$55,000
Selling and Administrative	$30,000	$28,000

Requirements:

Prepare a master budget showing sales, production, and administrative expenses.

Calculate budget variances for sales revenue, direct materials, direct labor, and overhead.

Analyze the reasons for budget variances and their implications for performance evaluation.