a) Picture Perfect Ltd. manufacture computer monitors. They produce a range of three models of screen, identified as Entry, Supreme and Ultimate. When planning the production for next year, the company management team wishes to ensure that the most profitable mix of models is produced (the company must produce each variant to satisfy legal obligations to cater for all markets with their products). The following Table Q3a shows the selling price and variable costs per unit for each model: Selling Price Direct materials Direct labour Direct expenses Entry 90 20 25 15 Supreme 120 25 40 20 Table Q3a Ultimate 200 28 110 22 (1) (ii) Construct a marginal cost statement that calculates the contribution per unit for each model. Calculate the contribution per limiting factor for each model on the assumption that the supply of direct materials is limited and rank the products accordingly on this basis. in addition, interpret your results by making a brief statement (Maximum 50 words) recommending the action management should take regarding prioritising the production of these products in this scenario. Calculate the contribution per limiting factor for each model on the assumption that the supply of direct labour is limited and rank the products accordingly on this basis. in addition, interpret your results by making a brief statement (Maximum 50 words) recommending the action management should take regarding prioritising the production of these products in this scenario. (15 marks) (iii) b) Discuss the advantages and disadvantages that may be associated with the standard costing technique, listing them in the form of a series of bullet point explanations. (Maximum 500 words). (10 marks)