The production cost of Joseph Ltd. during the year 1993 is as follows: $. Direct Materials 1,20,000 Direct Wages 80,000 Fixed costs 40,000 Variable 80,000 It is estimated, during the year 1994, the labour cost per hour reduces from $. 3 to $. 2.50, labour hours increase by 33/3rd and there won't be any change in the capacity, direct materials and other overheads. Prepare production budget for the year 1994 and also calculate percentage of costs on direct wages