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XYZ Company produces three products X, Y and Z. For the coming accounting period you are required to prepare the following budgets based on the information below 5. Budgeted sales: Product X 2000 at 100 each Product Y 2500 at 50 each Product Z 3000 at 150 each Usage of raw materials RM1 RM2 RM3 Product X Product Y Product Z Cost per unit of material 4 E3 5 Finished inventory Product X 600 Product Y 1,000 Product Z 700 Opening 500 800 800 Raw materials Inventory RM1 21,000 18,000 RM2 10,000 9,000 RM3 16,000 12,000 Product X Product Y Product Z Expected hours per unit Expected hourly rate (labour) E8 8 8 Required-please show all your workings Required a) Prepare the following budgets: Sales budget . Production budget . Material usage budget (4 marks) (4 marks) 4 marks) (4 marks) (4 marks) (5 marks) Material purchases budget Labour budget b) Discuss the main aim of budgeting (Total 25 marks)