Question 1 The following graph shows the estimated sales volumes of two products of WinWin Lid for the financial year 2018/19 Budgeted Sales 7000 6000 5000 0 4000 Product ww Product ZZ 3000 2000 1000 0 Quarter 01 Quarter 02 Quarter 03 Quarter 04 The following two graphs show the estimated opening and closing stocks of products for WinWin Lid for the financial year 2018/19 PRODUCT WW - STOCKS Opening Stocks Closing Stocks 600 QUARTER 01 QUARTER 02 QUARTER 03 QUARTER 04 FUNCTIONAL BUDGETS PRODUCT ZZ - STOCKS Opening Stock Clong Socks QUARTER 01 QUARTER 04 QUARTER OZ QUARTER 0 Material usage for the two products are provided in the table below Material Type Product ww Product ZZ Type A inks 5 6 Type Bing 8 10 Type A and Type B materials are sold in the market at rates of $3 per kg and $4 per kg respectively. The company does not maintain material stocks Required: * There can be various methods used in the preparation of annual budgets in organisation. Explain the Top-down" budgeting method 6 marks) Prepare the following budgets for the financial year 2018/19 Sales Budget (in units) Production Budget (in units) Material Usage Budget (in kg) Material purchase budget in 5) [14 marks] [Total for Question Seven - 20 marks