Complete the master budget exercise in excel. Please also indicate what excel formulas you used and where you used them.

The ChocoAlmo Company produces and sells chocolate bars filled with almond pieces. The 6-oz chocolate bar has two direct materials: 100% organic cacao beans and 100% organic almonds. The production process includes creating the chocolate from scratch using the cacao beans and chopping the almonds into the pieces that fill the chocolate bar. Indirect materials include very minimal amounts of sugar, milk, and salt, in addition to some packaging materials. ChocoAlmo is preparing budgets for the 2nd quarter ending June 30, 2021. For each requirement below prepare budgets by month for April, May and June, and a total budget for the quarter. June 1. The previous year's sales (2020) for the corresponding period were: April 35,000 chocolate bars May 44,000 chocolate bars 37,000 chocolate bars July 45,000 chocolate bars August 42,000 chocolate bars The company expects the above volume of bar sales to increase by 7% for the period April 2021 - August 2021. The budgeted selling price for 2021 is $9.00 per chocolate bar. The company expects 85% of its sales to be cash (COD) sales. The remaining 15% of sales will be made on credit. Prepare a Sales Budget for ChocoAlmo. 2. The company desires to have finished goods inventory on hand at the end of each month equal to 14 percent of the following month's budgeted unit sales. On March 31, 2020, the company expects to have 5,243 chocolate bars on hand. (Note: an estimate of sales in July is required in order to complete the production budget for June). Use the @ROUND function to round to the nearest whole number the number of chocolate bars desired in ending inventory. Prepare a Production budget. 3. The chocolate bars require two direct materials: Cacao Beans and Almonds. Cacao Beans Each chocolate bar requires 0.45 pounds (lbs) of Cacao beans. Management desires to have materials on hand at the end of each month equal to 11 percent of the following month's chocolate bar production needs. Use the @ROUND function to round to the nearest whole number the number of pounds of cacao beans desired in ending inventory. The beginning inventory of cacao beans, in April 2021, is expected to be 1,921 pounds. Cacao beans are expected to cost $8 per pound. (Note: budgeted production in July is required in order to complete the direct materials budget for June. Our supplier only allows purchases in whole pounds, so use the @ROUND function to round to the nearest whole number the number of pounds to purchase). Almonds Each chocolate bar also requires 0.10 pound of almonds. Management desires to have almonds on hand at the end of each month equal to 15 percent of the following month's production needs. Use the @ROUND function to round to the nearest whole number the number of pounds of almonds desired in ending inventory. The beginning inventory, in April 2021, is expected to be 582 pounds of almonds. Almonds are expected to cost $7 each. (Note: budgeted production in July is required in order to complete the direct materials budget for June. Use the @ROUND function to round to the nearest whole number the number of pounds of almonds to purchase. Prepare a Direct Materials budget. Also, because two direct materials are required for production - cacao beans and almonds - you will need a separate schedule for each direct material. 4. Each chocolate bar requires 0.05 hours of direct labor. Direct labor costs the company $20 per hour. Prepare a Direct Labor budget. 5. ChocoAlmo budgets indirect materials (e.g., sugar, salt, packaging materials) at $0.20 per chocolate bar. Other variable components are $0.12 per bar for indirect labor and $0.15 per bar for utilities. The following fixed costs per month are budgeted for indirect labor, $4,000, depreciation, $9,000, and other, $2,000. Prepare a Manufacturing Overhead budget. 6. Variable selling and administrative expenses consist of outward freight ($200 per 1,000 chocolate bars) and sales commission (4 percent of the selling price per bar). Fixed selling and administrative expenses include administration ($30,000 per month) and marketing (S40,000 per month). Prepare an Operating Expenses budget. 7. Prepare a Budgeted Manufacturing Cost per unit budget. Refer to exhibit 9-11 for guidance. To calculate FMOH/unit calculate total FMOH for the year and divide this by budgeted production for the year. The total production volume for the year is budgeted at 500,000 chocolate bars. 8. Prepare a Budgeted Income Statement for the quarter for ChocoAlmo. Assume interest expense of $0, and income tax expense of 18% of income before taxes. ChocoAlmo's goal for the quarter is to make its net income greater than 8% of its sales revenue. To determine whether the company achieves the goal, use @IF function. In the IF function, you need to label "Achieved" if it achieves the goal (if the condition is met) or "Not Achieved" if it does not achieve (if the condition is not met). Use the CELL right next to "Net Income' cell to make the IF function that returns one of the labels based on whether the condition (net income > sales revenue *8%) is met or not