QUESTION 1 Diva LTD is preparing its quarterly functional budgets for the year ending 31 December 2022, using a four-monthly accounting period to take into account the seasonal nature of its sales, the company manufactures and sell one product. The forecast sales for the year are as follows: It is company policy to carry a finished stock of 10% of the next quarter sales. The standard selling price is $80 per unit. Sales for October to December quarter, of 2022 are expected to be 10000 units. The standard cost of one unit of finished product is: No stocks of material are held. Required: Prepare the following budgets for each of the Quarters ( January-March, April-June, July-September and in total where necessary) periods for the year ending 31 December 2022. a) Sales budget (in $ ) (1 mark) b) Production budget (in $ ) (6 marks) c) Material usage budget in (Kilos and $ of Material A and B ) (6 marks) d) Labour utilization budget for each of the departments X and Y (in hours) (6 marks) e) Labour cost budget for each department (in \$) (6 marks)