Question 22 Microtechnica is a public limited company located 10 miles from Bradford. The company produces components used in the manufacture of diagnostic medical equipment. The Finance and Operations Managers have been reviewing some of the latest results for the first quarter of 2023 which compares budget against actual for one of their most popular products, component Z. (See Table 2) Table 2: Finanrial and to the Board of Directors at their next meeting on the benefits to Microtechnica of introducing Total Quality Management (TQM) (a) Explain two benefits to management of setting budgets. [4] (b) Using the information in Table 2, calculate and interpret for the first quarter of 2023: [ 3] (i) the revenue variance (ii) the raw material variance You must show your working. (c) Using the information in Table 2, calculate the difference between the [3] budgeted and actual selling price of component Z for the first quarter of 2023. You must show your working. (d) Evaluate the benefits to Microtechnica of introducing Total Quality [10] Management (TQM)