Question 2 Connect Ltd produces mobile phones. In January 2021, three types of mobile phone "A10", "J10", and "Z10" were lunched to the market. At the end of 2021, the management team received the production and sales information from the marketing team. The management team of Connect Ltd was provided with the following information: J10 Z10 A10 Sales (units) Selling price (/unit) Variable costs (/unit) Budget Actual Budget Actual Budget Actual 3,000 3,300 1,200 1,380 800 720 200.00 220.00 400.00 420.00 800.00 768.00 80.00 80.00 180.00 180.00 350.00 350.00 You, an Accounting and Finance manager, were asked to prepare a variance analysis report to the company's management team. (Round up to two decimals in your calculations if required) Required: a) Calculate the budgeted and actual contribution figures by product and in total. You are required to show all workings. (4 marks) b) Calculate the sales price variance for each product and in total. You are required to show all workings. (4 marks) c) Calculate the sales mix variance using the weighted average method. You are required to show all workings. d) Calculate the sales quantity variance. You are required to show all workings. (10 marks) (6 marks) e) Comment on each result calculated from a) to d) above with focus on the insights this information provides in relation to the performance of the company. Provide three suggestions on how Connect Ltd could improve its overall profit. Word count: no more than 750 words. (14 marks) f) Prepare a revised flexed budget by product and overall. Discuss the benefits of the flexed budgeting for planning and control purposes. Word count (excluding calculation): no more than 750 words. (12 marks)