please answer, its urgent

to June. Question 3 (30 points) Premium Products Inc, produces general merchandise and has prepared the following flexed budget for 2023. Production capacity 50% 75% Costs: N'000 N'000 Direct labour 40,000 60,000 Direct material 30.000 45,000 Production overheads 25.200 27,600 Administrative overheads 12,400 13,200 Selling and distribution overheads 13,600 14,200 Total 121.200 161,600 The company currently operates at 55% capacity but clearer projections have placed the most likely operating level for 2023 at 85% due to improved economic conditions. The projected sales at this level is N240,000,000. Required: a) Prepare the flexed budget for 85% production capacity. b) Briefly explain five functions of budgets. 100% N'000 80.000 60.000 30,000 14.000 16,000 200.000