Explain the benefits to a business of preparing an operating budget. QUESTION 2 (5 marks) Explain why an organization needs a good budgeting plan. Specifically address the need for a master budget. QUESTION 3 (15 marks) Waikaloa Manufacturing produces two products, Better and Best. Waikaloa expects to sell 20,000 units of Better and 10,000 units of Best. Waikaloa plans on having an ending inventory of 4,000 units of Better and 2,000 units of Best. Currently, Waikaloa has 1,000 units of Better in its inventory and 800 units of Best. Each product requires two labour operations: molding and polishing. Product Better requires one hour of molding time and one hour of polishing time. Product Best requires one hour of molding time and two hours of polishing time. The direct labour rate for molders is $20 per molding hour, and the direct labour rate for polishers is $25 per polishing hour. Required: Prepare a direct labour budget in hours and dollars for each product. QUESTION 4 (25 marks) Lanikai Company has the following projected account balances for June 30, 2023: Required: a. Prepare a budgeted income statement for the month of June 2023. (12 marks) b. Prepare a budgeted balance sheet as of June 30,2023 . (13 marks)