a) QR uses an activity based budgeting (ABB) system to budget product cost. It manufactures two products, product Q and product R. The budget details for these two products for the forthcoming period are as follows: Budgeted production (units) Number of machine setups per batch Batch size (Units) Product Q 80,000 4 5,000 Product R 120,000 3 4,000 The total budget cost of setting up the machine is GH74,400 Required: i) State and explain THREE (3) objectives of budgeting. (6 marks) ii) Calculate the budgeted machine set up cost per unit of product Q and R. (5 marks) iii) State THREE (3) benefits and TWO (2) limitations of using an activity based budgeting system. (5 marks) b) A company has annual sales revenues of GH30 million and the following working capital periods: Inventory conversion period Accounts receivable collection period Accounts payable payment period 2.5 months 2.0 months 1.5 months Production costs represent 70% of sales reven Required: Calculate the total amount held in working capital excluding cash and cash equivalents