14 Milo's Jewellery designs and makes custom jewellery. As the business has had a recent increase in sales, the owner is currently trying to decide between two alternative manufacturing methods. The first method uses a manual production process. Each piece of jewellery requires materials which cost $24 and 2 hours of labour to make. The fixed costs of operating the workshop for a month would be $6,000. The second method involves renting a machine to assist in the production process. With this method the materials to make each piece of jewellery would still cost $24 but would only require 1 hour of labour to make. The fixed costs of operating the workshop would be $21,000 a month. Under both methods employees are paid at a rate of $36 an hour. Each piece of jewellery is sold for $120 each and Milo expects to sell 500 pieces per month. Use cost volume profit analysis to show which method you would recommend to Milo to provide the highest monthly profit for their business. You must show all workings