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Section B: Answer Any One Question Question Two: Barnes Company sells three products - A, B and C. Budgeted sales by product and in total for the coming month are as follows: Product A Product B Product C Total % of total sales Sales Variable Expenses Contribution Margin Fixed Expenses 48% 240,000 72.000 168,000 20% 100,000 80.000 20,000 32% 160,000 88.000 72,000 500,000 6240.000 260,000 223.600 36,400 Assume that actual sales for the month total 500,000 as planned and actual sales by product are: A: 160,000, B: 200,000 and C. 140,000 Required: a) Prepare a contribution income statement for the month based on actual sales data. Assume variable expenses as a percentage of sales and total fixed expenses are the same as budgeted. Present the income statement in the format shown above. (10 marks) b) Compute the break-even sales for the month, based on budgeted data (5 marks) c) Compute the break-even sales for the month, based on actual data. (5 marka) d) Explain why the company did not meet the budgeted operating results or break-even sales even though it met its 500,000 sales budget. (10 marks) e) In a request from the Managing Director of Bames, you have been asked to prepare a Cost-Profit- Volume graph. Explain how the lines on the graph and the break-even point would change if (!) the selling price per unit decreased, (l) fixed costs increased throughout the entire range of activity and (in) variable costs per unit increased (10 marks) (Total: 40 marks) Question Three: a) Many articles in management accounting journals, especially during the last decade, have suggested that there is an increased need for management accounting information Required: Discuss four factors that have increased the need for management accounting information in contemporary organisations. (20 marka) Within large organisations, the accounting function may be divided into two broad classes of activity, which are referred to as "financial accounting and management accounting respectively b) Required: Explain the role of and main differences between these two accounting functions (20 marks) (Total: 40 marka)