Amana Ltd is a family-owned tourist business located in England which sells souvenirs to tourists. They have several locations in tourist hotspots across England namely Brighton, London bridge, Westminster bridge, Buckingham Palace, Birmingham city centre and Manchester city centre. Souvenirs are produced by a Chinese manufacturer specifically according to designs made by the Amana team. They have been operating a successful business for 40 years and have come to understand the dynamic nature of the tourism industry. Recently, the Covid-19 pandemic broke out in England leading the government to impose restrictions on movement and travel which severely impacted the tourism industry. Amana's revenue took a big hit in April 2020 as tourists could not travel for the Easter holidays, sales picked up slightly in the summer of 2020; however, the prolonged lock down between December 2020 and February 2021 depleted any additional revenue that had been made in the summer. In the past, Amana ltd has only traded within physical stores with a functioning website serving as a channel for marketing their business. Mr Amana, the owner of the business has hired you as a manager and provided a cost break down of their products. Units Original budget () 100,000 Actual () 80,000 Selling price 25 20 Variable costs: Materials Labour Overhead Contribution Fixed overheads: 2.50 280,000 4 440,000 1.50 120,000 17 760,000 Warehouse rental Insurance Fulltime warehouse supervisor salary Required: 200,000 100,000 50,000 "Figures are based on average estimates incurred in producing a mix of souvenirs 170,000 100,000 35,000 (i) Prepare the monthly control report showing original budget, flexed budget, and variances. (25 marks) (ii) Using your control report prepared in (i) above, prepare a report on Amana's performance during the year 2020. (20 marks) (iii) Provide recommendations to Amana's CEO on areas of improvement. (15 marks) (1500 words, TOTAL = 60 marks)