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3. All Kiwi Ltd. (a New Zealand-based company) has a wholly-owned subsidiary in Malaysia whose manager is being evaluated on the basis of the variance between actual 134 Chapter Ten profit and budgeted profit in New Zealand dollars (NZD). Relevant information in Malaysian ringgit (MYR) for the current year is as follows: Budget MYR 12,000,000 9,000,000 Actual MYR 11,000,000 9,000,000 Revenues...... Expenses .... Current year actual and projected exchange rates between the NZD and the MYR are as follows: Actual at time of budget preparation........... Projected ending at time of budget preparation...... Actual at end of budget period .... NZD 0.312 per MYR 1 NZD 0.340 per MYR 1 NZD 0.357 per MYR 1 Required: a. Calculate the total budget variance for the current year using each of the five combinations of exchange rates for translating budgeted and actual results shown in Exhibit 10.10. b. Make a recommendation to All Kiwi's corporate management as to which combina- tion in item (a) should be used, assuming that the manager of the Malaysian subsid iary does not have the authority to hedge against changes in exchange rates. c. Make a recommendation to All Kiwi's corporate management as to which combina- tion in item (a) should be used, assuming that the manager of the Malaysian subsid- iary has the authority to hedge against unexpected changes in exchange rates. 3. All Kiwi Ltd. (a New Zealand-based company) has a wholly-owned subsidiary in Malaysia whose manager is being evaluated on the basis of the variance between actual 134 Chapter Ten profit and budgeted profit in New Zealand dollars (NZD). Relevant information in Malaysian ringgit (MYR) for the current year is as follows: Budget MYR 12,000,000 9,000,000 Actual MYR 11,000,000 9,000,000 Revenues...... Expenses .... Current year actual and projected exchange rates between the NZD and the MYR are as follows: Actual at time of budget preparation........... Projected ending at time of budget preparation...... Actual at end of budget period .... NZD 0.312 per MYR 1 NZD 0.340 per MYR 1 NZD 0.357 per MYR 1 Required: a. Calculate the total budget variance for the current year using each of the five combinations of exchange rates for translating budgeted and actual results shown in Exhibit 10.10. b. Make a recommendation to All Kiwi's corporate management as to which combina- tion in item (a) should be used, assuming that the manager of the Malaysian subsid iary does not have the authority to hedge against changes in exchange rates. c. Make a recommendation to All Kiwi's corporate management as to which combina- tion in item (a) should be used, assuming that the manager of the Malaysian subsid- iary has the authority to hedge against unexpected changes in exchange rates