4 a) Quincy Plc prepares its budget (fixed) at the beginning of each year. The budget for 2022 is presented below. Sales Variable cost of sales Direct materials Direct labour Variable overhead Contribution Fixed Costs Required i. ii. 40,000 16,000 8,000 2,000 26,000 10,000 Distinguish between fixed, flexible, and flexed budgets. What are the pros and cons of preparing a flexible budget? 20 Marks Assume Quincy Plc prepares its budget based on 100% capacity amounting to 1000 units of sales for the period, prepare a flexed budget if actual performance is 80% of planned capacity. 30 Marks