QUESTION 8 (24 MARKS) COOL-IT OFF produces and sells cool mask that is made out of a type of natural aloe vera. Due to its unexpected demands, COOL-IT OFF decided to prepare a budget to plan its production activity early. The following details were obtained from the factory: COOL-IT OFF currently (June 2022) manufactures 10,000 bottles of sanitizers monthly. Due to the increasing demand, the production is expected to increase by 10% every month beginning from June 2022. All increase are based on previous month demand. The factory is estimated to use 3 kilograms of aloe vera for every bottle it produces. Due to the increasing production, the factory is estimated to have ending inventory of material (aloe vera) equivalent to 30% of the followings month's material (aloe xera) usage requirement. All materials (aloe vera) will be purchased on credit at $10 per kilogram of aloe xeta. The suppliers are estimated to be paid in the month after purchase. The factory is also estimated to use 3 hours of direct labour to produce 1 bottle of sanitizers. Direct labours are expected to be paid at the rate of $20 per hour. Direct labours are usually paid on 7th of the following month. You are required to prepare: a. Direct material usage and purchase budget (including payment to suppliers) for the months of July, Aug and September 2022 (10 marks) b. Direct labour budget (including payment to direct labour) for the months of Aug and September 2022 (4 marks) c. Briefly discuss two (2) advantages of budgeting with relevant example (6 marks) d. Briefly explain the concept of participative budgeting using relevant illustration. (4 marks)