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    • Profile photo of John Moffat says

      Why do you not watch all the lectures??

      There is not much point in picking one at random – if you watch our lectures in order then they form a complete classroom course covering the whole of what is needed to pass Paper F2 (provided, obviously, that you have the free Lectures Notes in front of you while you watch).

      If you watch the first budgeting lecture (the introduction to budgeting) then you will find I explain what is meant by the master budget.

      You cannot be asked to prepare a master budget – you can only be asked what it is and what budgets it is likely to include.

    • Profile photo of John Moffat says

      3,000 and 1,000 are the changes in the inventory.

      According to the question (in the Lecture Notes) the opening inventory of wood is 21,000 kg and the closing inventory is 18,000 kg. Since the inventory fell by 3,000 it means that 3,000 of the usage came from inventory and only the remainder needed to be purchased.

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