The world has become much more intertwined over the last couple of months. The changes in business environments have made management accounting very important. Choose ONE COMPANY from any of the following industry group and respond the following issues: Airline (Air New Zealand, Qantas, Air Asia) Dairy (Fonterra, Oceania Dairy, Arla) Insurance (Southern Cross Health Insurance, Fisher & Paykel Health Insurance) Media/TV (Sky, Netflix, OnDemand) REQUIRED: a. Outline some of the main changes that have taken place in the business environment in recent time which have affected the said industry in general and researched company in particular. b. Research on their recent performances and outline steps they have so far taken to face the challenges. c. As a management accountant, explain some of the management accounting information that you think are useful for the management to consider and suggest possible actions to face the challenges. For example, you may need to do some research to find out about their costing approaches, budgeting strategies, profit/loss trends, risk management approaches, competition, CSR, sustainability strategies etc. Please note that the role of management accounting information for sustainable business is the most important aspect of this question and you should focus your responses around this aspect. Word limit: 1500 words (not including references) (50 marks) Question #2 Choose a real manufacturing company that you know. You can search the internet. Research the operation and cost elements of the company. Based on your research findings, answer the following questions: REQUIRED: a. Build a partial list of product and period costs incurred in the company. To answer this requirement, you need to use hypothetical but logical figures of costs (e.g., Direct material cost, Direct labour cost, Manufacturing Overhead cost) incurred in the company. Therefore, you should do appropriate research about the companys operations (e.g., production, management & administration, marketing activities). In the analyses show the following costs: (i) Total Prime cost (ii) Total Manufacturing Overhead cost (iii) Total conversion cost (iv) Total product cost (v) Total period cost b. Describe the reasons behind calculating each of the above costs. c. Assume that the company uses a high and low method to separate fixed and variable elements of any mixed cost incurred in the production process. Calculate fixed and variable costs using the high-low method. You MUST show your workings. To answer this requirement, you need to use hypothetical but logical figures for costs and level of activities done. d. Discuss the reasons behind producing Income statement in both contribution and traditional formats. Word limit: 1500 words (not including references) (50 marks)