B) BUDGETING 1) Mr. Jones would like to introduce a budgetary control system into the company but is not sure about the benefits that may be derived from this introduction. He asks you to outline five of these benefits. 5 Marks 2) Accepting that there are benefits to implementing a budgetary control system, Mr. Jones has identified the following information about the company's projection for the next year. Sales Units: First Quarter 4,000 Units Second Quarter - 5,000 Units Third Quarter - 8,000 Units Closing Raw Material Inventory: 20% of the next quarter's production requirements. Closing Finished Goods Inventory 15% of the next quarter's expected Sales. Third Quarter Production Estimated to be 10,000 Units Opening Inventory of Raw Materials - 4,000 pounds Three pounds of raw material, purchased at a cost of $5 per pound, are required to make each unit of finished goods. Mr. Jones wants you to: a) Prepare a Production budget, by quarters, for the six months ending 30th June 2022 4 Marks b) Prepare a Direct Materials budget, by quarters, for the period ending 30th June 2022 6 Marks