Exercise 1) Complete the following Excel Assignment and submit it to dropbox:

Sales increase: 22%

Cost of Sales: 33%

Ending Inventory Needs:

Q1, 2021 Expected Sales: $696,000

Quarter 1 Quarter 2 Quarter 3 Quarter 4 Year Q1 2021

Sales in 2019 $407,000 $455,000 $505,000 $778,000 $2,145,000

Expected Sales 2020 xxx xxx xxx xxx xxx xxx

Cost of Sales xxx xxx xxx xxx xxx xxx

Beginning Inventory xxx xxx xxx xxx xxx xxx

Ending Inventory xxx xxx xxx xxx xxx xxx

Purchases xxx xxx xxx xxx xxx xxx

Instructions:

Redo this table, putting formulas in all cells that have the "xxx". For this exercise, assume that sales will increase by 22% over 2019. Cost of sales equals 33% of sales. Ending inventory should equal 44% of the amount needed for next quarter sales. Expected sales in the 1st quarter of 2021 will be $696,000. Make sure that all formulas will adjust for changes in the assumptions noted inside the box. Round all answers to whole numbers (no decimals).