PieceJoz FM, a media organisation is considering hosting a two-day beauty pageant in December 2022. The show will be expensive to run and promote. There will be three cash prizes on offer for the pageant, namely: 1st Place GH/5,000,2 nd Place =GH/2,000,3 rd Place =GH1,000. Other costs will include: Three judges of the show will each be paid GHe400 per day plus a one-off travel expense allowance of GH150. The following costs will be incurred by PieceJoz FM if they were to organise the show; Promotional costs of GHe 3,000 have been spent to date. A further GHC1,000 per month will have to be incurred for the five months leading up to the pageant and GH4,000 in the month of the show. Utility costs incurred each day of the pageant are estimated to follow the function GH6200+5X where X is the number of contestants performing. The council expects 30 contestants per day. Stocks of wood and steel to construct the stage. 400 metres of wood already in stock will be used. Stocks of wood and steel to construct the stage. 400 metres of wood already in stock will be used. This originally cost GH\&20 per metre but will not be replaced. It was due to be sold to an employee at a price of GH48 per metre. 60 metres of steel that originally cost GH18 per metre is to be used. Steel has a scrap value of GH10 per metre. This steel will have to be replaced. The market price of steel has increased to GH/15 per metre. 140 labour hours to build the stage. Currently, PieceJoz FM maintenance employees are paid GH 600 each, plus 20% employers' costs for a 40 -hour week. Two such employees will be idle Page4of7 for the week required to build the stage. The remaining labour will be hired in at a casual rate of GH 10 per hour. PieceJoz FM expects that: 1,000 people will attend the beauty pageant on the first day and 2,000 on the final day. PieceJoz FM expects that: 1,000 people will attend the beauty pageant on the first day and 2,000 on the final day. Daily tickets will sell at GH12 per adult ticket and GH\&5 per child ticket. It is expected that ticket sales will be 40% children and 60% adult. An event organiser called Magic Media have submitted proposal to organise this program on behalf of PieceJoz FM at a fee of GH13,100 including utility cost of GH900. Required: a) Using the information above, advise, from a financial perspective, whether management of PieceJoz FM should organise the beauty pageant or outsource it to Magic Media. ( 16 marks) b) Explain THREE non-financial factors PieceJoz FM should also consider when making the decision to outsource. ( 9 marks)