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 Quantity Selling price per item Tic 4 000 N$18 Chi 2 000 N$50 Production Requirements Cost per metre Tic Chi Material Cer N$4 0.5 m 4 m Material Bac N$2 1 m 3 m Finished Goods/Inventory Tic Chi 1 November 2023 200 0 30 November 2023 950 1 325 There is no opening or closing work in progress. Materials Inventory Cer Bac 1 November 2023 6 000 m 20 000 m 30 November 2023 10 200 m 14 000 m 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. REQUIRED: Prepare the following budget statements MARKS 1.1 Production Budget 4 1.2 Material Purchasing budget (include qu