1 2 C D E F 3 NAME: 4 5 Project #7: Static and Flexible Budgets (35 Points) 6 7 H Part (a) FAILURE TO ENTER YOUR NAME WILL RESULT IN A DEDUCTION OF 2 POINTS Part (b) Part (c) Total Points 8 Prepare the following budget reports for January 2022 and evaluate the usefulness of each report. 9 (a) A static budget report (16 points) 10 NOTE: In order to receive full credit, you must use Excel formulas in each cell. 11 For the 'Favorable/Unfavorable' cell, you must use Excel's 'IF' function to have Excel determine 12 if the result is 'Favorable' or 'Unfavorable'. 13 14 (b) A flexible budget report (16 points) 15 NOTE: In order to receive full credit, you must use Excel formulas in each cell. 16 For the 'Favorable/Unfavorable' cell, you must use Excel's 'IF' function to have Excel determine 17 if the result is 'Favorable' or 'Unfavorable'. 18 19 20 Answer parts (a) and (b) in the cells below. 21 22 **UPLOAD YOUR COMPLETED SPREADSHEET TO CANVAS TO SUBMIT YOUR ASSIGNMENT 23 **IF YOU ARE USING A DIFFERENT SPREADSHEET SOFTWARE OTHER THAN MICROSOFT EXCEL, 24 CONVERT THE FILE TO A MICROSOFT EXCEL FORMAT BEFORE UPLOADING OR YOU WILL RECEIVE A ZERO FOR 25 THIS PROJECT. 26 27 (a) Prepare the Static Budget Report for Bikes "R" Us using the information provided above: Rooney Company Static Direct Labor Budget Report For the Month Ended January 31, 2022 28 29 30 31 32 Budget 33 Direct labor ? Actual ? Difference ? Favorable/Unfavorable ? 34 Total Points 3 point 3 point 3 point 3 points (16 Points) REMEMBER: You must use an 'IF' formula to have Excel determine if the Difference is 'Favorable' or 'Unfavorable' K M N Scoring Your Score 16 16 3 35 0