MANCOSA: BCOM FINANCIAL MANAGEMENT YEAR 3 64 1.2 REQUIRED Use the information given below to prepare the following budgets of Product Chip and p for October 2018. Provide separate monetary columns for each product in each budget. Production Budget (units) Direct Labour Budget (Rand) 1.2.1 1.2.2 INFORMATION Chipnik Limited manufactures and sells two products, viz. Chip and Nik. The following inform available to determine the budget requirements for October 2018: Projected sales for October and November 2018 1. November October 15 000 units of Chip at R60 each 5 000 units of Nik at R120 each 12 000 units of Chip at R44 each 4 000 units of Nik at R84 each in a closing inventory equal to 20% of the budgeted sales The policy of Chipnk Limited is to mainta the following month. 2. of 3. Direct labour hours required to produce one unit of each product and the rate per hour are as f Chip: 1 hour at R12 per hour Nik: 2 hours at R15 per hour