Excel Project 1: Objective: This assignment will serve to get you acclimated to Excel, and also push you to analytically assess how product costs flow. Instructions: Assume you are a CEO of your choice of a manufacturing company. The company can be real or fictional. Summarize your main product costs via following the outline below, and create an income statement and balance sheet for year 1. The only requirements are: Requirements: 1. Cover the 'Outline' below. 2. Use any numbers you like, as long as the totals / calculations flow properly 3. Show your work via formulas (i.e. a + b = c) throughout. Outline: Description Points 1 Company name 5 2 Summary of what your company sells / produces 5 3 Balance sheet for the end of year one 10 4 Income statement for the end of year one 10 *Describe and quantify the following breakout of inventory that feeds your balance sheet: 5 >> Raw materials (RM) >> Work in process (WIP)** >> Finished Goods (FG) Describe and quantify the following breakout of WIP: 8 >> Direct materials 9 >> Direct labor 10 10 >> Manufacturing overhead*** REQUIRED 5 REQUIRED 10 REQUIRED 5 20 REQUIRED 5 REQUIRED 5 REQUIRED 10 ***Describe and quantify the following breakout of Manufacturing overhead: 11 >> Indirect Materials REQUIRED 20 10 10 10 10 >> Manufacturing overhead REQUIRED 10 10 20 20 REQUIRED 10 10 REQUIRED 10 "Describe and quantify the following breakout of Manufacturing overhead: 11 >> Indirect Materials 13 >> Other Indirect Manufacturing costs REQUIRED 10 se 12 12 >> Indirect Labor 88 30 100 REQUIRED - Summarize in words what this balance is comprised of (a sentence or two is fine, can include examples). Let your creative juices flow, but make sure the examples you use are in line with the nature of your company