1. Asaboni Company Ltd. a manufacturer of shoes, plans to sell 2000 pairs of shoes ned year (2022). The selling price is 100 per pair. The company assumes that all of the sales are eash sales and that sales are even in all quarters (Q). The Quarterly and Annual sales budgets prepared for the year 2022 is as follows: Q2 Os Q4 500 500 500 Budgeted sales (units) 500 Selling price per unit (GH) 100 Budgeted sales (GHC) 50.000 Total (Annual) 2000 100 200.000 100 100 100 50,000 50.000 50.000 The closing inventory for Asaboni Ltd this year (2021) was budgeted (estimated) to be 100 pairs of shoes. Management of Asaboni Ltd also wants to always have 50 pairs of shoes in closing inventory at the end of each Quarter in 2022 but would like to end the year 2022 with 150 pairs in inventory to start the year 2023. Required: Using the sales budget above as a limiting factor and all other relevant information, prepare Quarterly and Annual Production budget for Asaboni Company Ltd for the year 2022 (10marks) 2. (a) Explain the term financial planning. (2 marks) (b) State two (2) financial objectives of a business entity. (2 marks) (c) Briefly explain why sales estimates are often viewed as the limiting factor in the preparation of a master budget. (2 marks) (d) Give two (2) advantages of zero-based budgeting approach to developing estimates over incremental budgeting method. (2 marks) (e) What is budgetary control report and how relevant is this report to management? (2marks)