Question 1 (a) Discuss the following approaches to budgeting: (1) Top down approach (ii) Bottom-up approach (iii) Rolling budget (iv) Incremental budgeting (v) Feed-forward control (b) Discuss the four types of standards as relates to Standard Costing (c) Discuss the main cause of the profit figures arising from the preparation of Marginal and Absorption Costing Income Statements Question 2 The following transactions relate to the receipt and issue of Material ABC in a manufacturing firm for the month of November, 2017: November 1st Opening inventory, 2,000 units at GHS5 each 3rd Issued 1,500 units to production 4th Received 4,500 units at GHS6 each 8th Issued 1,600 units to production 9th Returned to stores, 100 units by Production Dept. (From the issues of November 3) 16th Received, 2,400 units at GHS6.5 each 19th Returned to supplier, 200 units out of the quantity received on November 4. 20th Received, 1,000 units at GHS7 each 24th issued to production, 2,100 units 27th Received, 1,200 units at GHS7.5 each 29th issued to production, 2,800 units Required: From the details above, prepare the store ledger using WEIGHTED AVERAGE METHOD of valuing the issues. State clearly the value of closing inventory for the month end. NB: Please leave all monetary computations in 2 decimal places