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Section A - Answer 1 question from 2. Both questions carry equal marks Question 1 Llanfair Limited manufactures three products: Alpha, Beta and Gamma. The February budgets are due to be prepared based on the following information: Sales Product Quantity Price each Alpha 4,000 110 Beta 5,000 150 Gamma 3,500 170 Materials used in the company's products are: Material 5 7 M1 M2 M3 9 units units Quantities used in: Product Units 2 5 6 Alpha Beta 7 4 3 Gamma 6 4 4 Product Alpha Beta Gamma Finished stocks: Quantities 15 February 1,600 1,800 850 28th February 1,750 2,250 750 Material stocks M1 M2 M3 units units units 19 February 25,000 30,000 10,000 28th February 31,000 26,000 12,000 Required: (iv) a. Prepare budgets for the month of February, using the above information for: (i) sales in quantity and value, including total value (ii) production quantities (iii) material usage in quantities material purchases in quantity and value, including total value NB. Particular attention should be paid to the layout of your budgets, as marks will be awarded for the presentation (25 marks) b. Explain where the above information could be used by Llanfair Limited? (15 marks) C. Explain the term 'budgetary slack' and briefly discuss three different circumstances where participation in setting budgets is likely to contribute to poor performance from managers. (20 marks) Total: 60 marks