BUDGET DATA: Sun Chaise Ltd. produces and sells outdoor lounge chairs. They currently sell the chairs for $325 each. They estimate they will sell 250 chairs in the month of April 2022. They had 20 chairs completed and not sold at March 31, 2022, with a total cost of $2,100. The target ending inventory at the end of April is 40 chairs. They track the wood required for the chairs directly. The current purchase price of wood is $12 per metre. It takes 3 metres of wood to complete each chair. On March 31, 2022, Sun Chaise has 50 metres of wood on hand and they plan to have 75 metres of wood on hand at the end of April. The workers spend 2.5 hours to complete each chair. The rate of pay for the laborers is $20 per hour. Sun Chaise uses a traditional overhead allocation approach. The manufacturing overhead costs are allocated at 70% of direct labour costs. The following are the selling, general and administrative costs per month: Depreciation $1,500 Insurance 275 Sales salaries 5,500 Administrative salaries 3,100 Utilities 350 Other 840 Sun Chaise also pays the salespeople a sales commission of 4% of sales. The customer sales are either cash or credit card. Based on past trends, customers pay cash 40% of the time and use a credit card the other 60% of the time. The bank charges Sun Chaise a fee of 2% of the credit card sales amount. 90% of the wood purchases are paid for in the current month. The other 10% is paid for the following month. The March 31, 2022 accounts payable is $1,500 for the March wood purchases. Labour costs as well as all the selling, general and administrative costs are paid as they are incurred. Sun Chaise also makes income tax installments of $450 per month. The cash balance at April 1, 2022 is $750. Your solution needs to have the following items labelled in the following order: a. Revenue budget (2 marks) b. Production budget (2 marks) c. Direct materials purchase budget (2 marks) d. Direct materials usage budget (2 marks) e. Direct manufacturing labour budget (2 marks) f. Manufacturing overhead budget (2 marks) g. Computation of Unit Costs of Finished Goods (2 marks) h. Ending inventory budget (2 marks) i. Cost of goods sold budget (2 marks) j. Budgeted income statement (2 marks) k. Cash budget (10 marks) REQUIRED PART 2: In a word document, answer the following questions: a. Define zero-based budgeting (1 mark) b. If you were creating a zero-based budget for your personal life, how would you approach it? (2 marks) c. What are 10 possible budget accounts that you would use to develop your personal budBUDGET DATA: Sun Chaise Ltd. produces and sells outdoor lounge chairs. They currently sell the chairs for $325 each. They estimate they will sell 250 chairs in the month of April 2022. They had 20 chairs completed and not sold at March 31, 2022, with a total cost of $2,100. The target ending inventory at the end of April is 40 chairs. They track the wood required for the chairs directly. The current purchase price of wood is $12 per metre. It takes 3 metres of wood to complete each chair. On March 31, 2022, Sun Chaise has 50 metres of wood on hand and they plan to have 75 metres of wood on hand at the end of April. The workers spend 2.5 hours to complete each chair. The rate of pay for the laborers is $20 per hour. Sun Chaise uses a traditional overhead allocation approach. The manufacturing overhead costs are allocated at 70% of direct labour costs. The following are the selling, general and administrative costs per month: Depreciation $1,500 Insurance 275 Sales salaries 5,500 Administrative salaries 3,100 Utilities 350 Other 840 Sun Chaise also pays the salespeople a sales commission of 4% of sales. The customer sales are either cash or credit card. Based on past trends, customers pay cash 40% of the time and use a credit card the other 60% of the time. The bank charges Sun Chaise a fee of 2% of the credit card sales amount. 90% of the wood purchases are paid for in the current month. The other 10% is paid for the following month. The March 31, 2022 accounts payable is $1,500 for the March wood purchases. Labour costs as well as all the selling, general and administrative costs are paid as they are incurred. Sun Chaise also makes income tax installments of $450 per month. The cash balance at April 1, 2022 is $750. Your solution needs to have the following items labelled in the following order: a. Revenue budget (2 marks) b. Production budget (2 marks) c. Direct materials purchase budget (2 marks) d. Direct materials usage budget (2 marks) e. Direct manufacturing labour budget (2 marks) f. Manufacturing overhead budget (2 marks) g. Computation of Unit Costs of Finished Goods (2 marks) h. Ending inventory budget (2 marks) i. Cost of goods sold budget (2 marks) j. Budgeted income statement (2 marks) k. Cash budget (10 marks) REQUIRED PART 2: In a word document, answer the following questions: a. Define zero-based budgeting (1 mark) b. If you were creating a zero-based budget for your personal life, how would you approach it? (2 marks) c. What are 10 possible budget accounts that you would use to develop your personal budBUDGET DATA: Sun Chaise Ltd. produces and sells outdoor lounge chairs. They currently sell the chairs for $325 each. They estimate they will sell 250 chairs in the month of April 2022. They had 20 chairs completed and not sold at March 31, 2022, with a total cost of $2,100. The target ending inventory at the end of April is 40 chairs. They track the wood required for the chairs directly. The current purchase price of wood is $12 per metre. It takes 3 metres of wood to complete each chair. On March 31, 2022, Sun Chaise has 50 metres of wood on hand and they plan to have 75 metres of wood on hand at the end of April. The workers spend 2.5 hours to complete each chair. The rate of pay for the laborers is $20 per hour. Sun Chaise uses a traditional overhead allocation approach. The manufacturing overhead costs are allocated at 70% of direct labour costs. The following are the selling, general and administrative costs per month: Depreciation $1,500 Insurance 275 Sales salaries 5,500 Administrative salaries 3,100 Utilities 350 Other 840 Sun Chaise also pays the salespeople a sales commission of 4% of sales. The customer sales are either cash or credit card. Based on past trends, customers pay cash 40% of the time and use a credit card the other 60% of the time. The bank charges Sun Chaise a fee of 2% of the credit card sales amount. 90% of the wood purchases are paid for in the current month. The other 10% is paid for the following month. The March 31, 2022 accounts payable is $1,500 for the March wood purchases. Labour costs as well as all the selling, general and administrative costs are paid as they are incurred. Sun Chaise also makes income tax installments of $450 per month. The cash balance at April 1, 2022 is $750. Your solution needs to have the following items labelled in the following order: a. Revenue budget (2 marks) b. Production budget (2 marks) c. Direct materials purchase budget (2 marks) d. Direct materials usage budget (2 marks) e. Direct manufacturing labour budget (2 marks) f. Manufacturing overhead budget (2 marks) g. Computation of Unit Costs of Finished Goods (2 marks) h. Ending inventory budget (2 marks) i. Cost of goods sold budget (2 marks) j. Budgeted income statement (2 marks) k. Cash budget (10 marks) REQUIRED PART 2: In a word document, answer the following questions: a. Define zero-based budgeting (1 mark) b. If you were creating a zero-based budget for your personal life, how would you approach it? (2 marks) c. What are 10 possible budget accounts that you would use to develop your personal bud