Excel Project II- Master Budget Based on the following inputs and assumptions, design the master budget for four quarters of 2019, which includes 1. Sales budget and cash collection schedule 2. Production budget 3. Direct Material (DM) budget and cash payment schedule 4. Direct Labor (DL) budget 5. Manufacturing overhead (Mfg O/H) budget 6. Selling and Administrative (S&A) budget 7. Cash budget Actual or Projected Sales in units 2,400 units 1,800 4,000 2,500 1,500 1,000 Projected Selling PriceS 2,000 per unit Desired Ending Inventory: 20% of the following quarter's need Sales Collection Schedule: 40% of sale in the current, 60% in the following period Payment Schedule for DM: 70% of purchase in the current, 30% in the following All payments for DL, O/H, S&A will be made in the current quarter LITE GOT Til e aulcmatically dchanges saved Save no Cost Card per Unit Product Quantity 10 LB 15 hours Price $ 20/LB Cost $ 200 625 100 $ 925 Direct Material Direct Labor Variable Mfg O/H Total Cost per Unit 25/hour Fixed manufacturing overhead per quarter Fixed selling & administrative cost per quarter Variable selling & administrative per unit Depreciation expense per quarter Minimum required cash balance is S 100,000 at the end of the quarter. Cash balance at January 1, 2019 is $ 120,000. Borrowing can be arranged at 0% interest. $100,000 S 50,000 $ 100/unit $ 25,000 Your master budget should change automatically according to any change of input variables. You can discuss with your peers, but design Excel Worksheet by yourself. Remember the Cadet Codes! Post Your EXCEL File to Citlearn by April 10, 2015