REQUIRED Study the information given below that can be used to prepare the budgets of Product Chip and Product Nik for October 2018 and answer the question that follows: 1. INFORMATION Chipnik Limited manufactures and sells two products, viz. Chip and Nik. The following information is available to determine the budget requirements for October 2018: Projected sales for October and November 2018: October November 15000 units of Chip at R60 each 12000 units of Chip at R44 each 5000 units of Nik at R120 each 4000 units of Nik at R84 each 2. 3. The policy of Chipnik Limited is to maintain a closing inventory equal to 20% of the budgeted sales of the following month. Direct labour hours required to produce one unit of each product and the rate per hour are as follows: Chip: 1 hour at R12 per hour Nik: 2 hours at R15 per hour. R170 000 is the total direct labour cost for Chip product Select one: O True