Typo Limited specialises in novelty products and is considering manufacturing a new range of items that coincide with major festivals. The range will initially comprise two products, Tic and Chi. To assist with budgeting. Typo Limited has collected the following information for the month of November 2023. Projected Sales Tic Chi Production Requirements Material Cer Material Bac Finished Goods/Inventory 1 November 2023 30 November 2023 Quantity 4 000 2 000 Cost per metre N$4 N$2 There is no opening or closing work in progress. Materials Inventory 1 November 2023 30 November 2023 REQUIRED: Prepare the following budget statements 1.1 Production Budget 1.2 1.3 1.4 TOTAL MARKS Tic 200 950 Cer 6 000 m 10 200 m Selling price per item N$18 N$50 Tic 0.5 m 1 m Material Purchasing budget (include quantity and Value) Labour budget Variable overhead absorption budget Chi 4 m 3m Labour and overhead costs The standard direct labour required to produce each Tic unit is 30 minutes, and a Chi unit takes 1 (one) hour to produce. Labour is paid at N$10 per hour. Variable overheads (which will be incurred evenly over the year) are projected at N$360 000 per annum, and these are to be absorbed into production on the basis of direct labour hours. Chi 0 1 325 Bac 20 000 m 14 000 m MARKS 4 9 3 4 20