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Question 1 (18 marks): The Gold Medal Company makes three types of sports shoes: Running, Tennis and Golf. The budgeted selling price and costs associated with each product (based on normal monthly production) are as follows: Running Tennis Golf $ $ $ Labour ($24 per hour) 24 32 48 Leather ($6 per square metre) 18 12 24 Variable Overheads 16 12 18 Fixed Overheads 28 20 4 Total Cost 86 76 94 Selling Price 166 120 190 Profit 80 44 96 Normally, the monthly demand is for 400 Running shoes, 300 Tennis shoes and 100 golf shoes and no stocks of finished goods are held. During the coming months, the supply of leather will be limited to 2,000 square metres per month. As the management accountant of the Gold Medal Company, you have been asked to design the best / optimal production plan (which will maximize contribution / profit) for the coming months and answer the questions which follow:. Required: answer the questions which follow. Note: the questions require just one-word or short answers (for example 1(a) $20,000). (a) Calculate the unit contribution for one pair of the Running shoes Answer: (b) Calculate the unit contribution for one pair of the Tennis shoes. Answer: (c) Calculate the unit contribution for one pair of the Golf shoes. Answer: (d) Calculate the contribution per square metre of leather for the Running shoes. Answer: (e) Calculate the contribution per square metre of leather for the Tennis shoes. Answer: (f) Calculate the contribution per square metre of leather for the Golf shoes. Answer: (g) In the optimal production plan which product should be produced first? Answer: _ (h) In the optimal production plan which product should be produced last? Answer: (i) How many pairs of tennis shoes should be produced under the optimal production plan? Answer: (j) How many pairs of golf shoes should be produced under the optimal production plan? Answer: (k) Calculate the total contribution provided by the optimal production plan. Answer: (1) Calculate the net profit provided by the optimal production plan