Budget projectProject is to be an excel spreadsheet submitted via email. You are to create a budget for a year for a company. Please use a separate tab for each segment $($sales$,$ inventory, direct material, direct labor, overhead and cash$).$ Sales begins with $5,000$ units and increases $1\%$ per month the sale price at the beginning of the year is $$28$ per unit on May $1$ we intend to raise our price per unit to $$29$ on October $1$ we intend to raise our price per unit to $$3015\%$ of sales are cashInventory begins with $1,150$ units Maintain an ending balance each month equal to $25\%$ of next month salesDirect material $2$ pounds of raw material needed for each unit of production Begin with raw materials of $3,000$ pounds End each month with $30\%$ of next month needed material Cost per pound starts the year at $$1\mathrm{.}25$ On July $1$ we expect a price increase of $ $0\mathrm{.}20$ per pound Payments for material are made in the month following the month of purchase Beginning accounts payable is $$12,500$Direct labor Each unit produced uses $1$ hour of type one labor and $\mathrm{.}5$ hours of type two labor Type one labor is paid $$12$ per hour Type two labor is paid $$20$ per hourOverhead Indirect material is $5\%$ of production $($units$)$ Repairs and maintenance is $2\%$ of production $($units$)$ Sales commissions are $3\%$ of sales $($dollars$)$ Depreciation is $$500$ per month Fixed labor $($overhead$)$ is $$800$ per month Insurance and taxes are $$300$ and $$250$ per month respectively Cash The bank charges a $2\%$ fee on card purchases $($cash purchases$)10\%$ of credit sales are collected in the month of the purchase $75\%$ of credit sales are collected in the month following the month of purchase $9\%$ of credit sales will be collected in the month following A dividend of $$4,000$ is paid at the end of each quarter $(3/31,6/30,9/30$ and $12/31)$ Equipment of $$30,000$ will be purchased on May $15.$The company must maintain a minimum cash balance of $$5,000$ per our debt covenant. The company has a line of credit for short$-$term borrowing. The interest rate on the line of credit is $5\%.$ Interest will be paid monthly on the line of credit. Balance sheet informationAccounts receivable sales for November $30$ was $ $105,000$Accounts receivable sales for December $31$ was $ $110,000$Cash on December $31$ was $$11,500$