Successes is a new industrial company. The company is willing to use budgeting system. The company asked to design budgeting system. Your design should include the following issues: 1. The importance of preparing budgets 2. The participants responsible for preparing budgets 3. Description and formulas need to be used in preparing the following budgets: a. Sales budget b. Production budget C. Labor (wages) budget d. Manufacturing overhead budget ACCT 205: Principles of Managerial Accounting Case Study: 20 Marks Successes is a new industrial company. The company is willing to use budgeting system. The company asked to design budgeting system. Your design should include the following issues: 1. The importance of preparing budgets 2. The participants responsible for preparing budgets 3. Description and formulas need to be used in preparing the following budgets: a. Sales budget b. Production budget c. Labor (wages) budget d. Manufacturing overhead budget