QUESTION 1 (20 MARKS) Typo Limited specialises in novelty products and is considering manufacturing a new range of items that coincide with major festivals. The range will initially comprise two products, Tic and Chi. To assist with budgefing, Typo Limited has collected the following information for the month of November 2023. There is no opening or closing work in progress. Labour and overhead costs The standard direct labour required to produce each Tic unit is 30 minutes, and a Chi unit takes 1 (one) hour to produce. Labour is paid at NS10 per hour. Variable overheads (which will be incurred evenly over the year) are projected at N\$360 000 per annum, and these are to be absorbed into production on the basis of direct labour hours. QUESTION 1 (20 MARKS) Typo Limited specialises in novelty products and is considering manufacturing a new range of items that coincide with major festivals. The range will initially comprise two products, Tic and Chi. To assist with budgefing, Typo Limited has collected the following information for the month of November 2023. There is no opening or closing work in progress. Labour and overhead costs The standard direct labour required to produce each Tic unit is 30 minutes, and a Chi unit takes 1 (one) hour to produce. Labour is paid at NS10 per hour. Variable overheads (which will be incurred evenly over the year) are projected at N\$360 000 per annum, and these are to be absorbed into production on the basis of direct labour hours