Instruction: Complete a Master Budget in Excel using the following assumptions and template using Excel formulas

SHOW ME ALL THE FORMULAS PLEASE! THAT'S THE MOST IMPORTANT PART. THANK YOU. I've already done the last 3. Please check.

Sales Budget Expected sales volume: 4,100 units in the first quarter with 500-unit increases in each succeeding quarter. Sales price: $65 per unit. Production Budget Company can meet future sales needs with an ending inventory of 20% of next quarter's budgeted sales volume. Direct Materials Budget Company maintains an ending inventory of raw materials equal to 10% of the next quarter's production requirements. The manufacture of each unit requires 2 pounds of raw materials, and the expected cost per pound is $4. Assume that the desired ending direct materials amount is 1,200 pounds for the fourth quarter of 2020. Direct Labor Budget Two hours of direct labor are required to produce each unit of finished goods. The anticipated hourly wage rate is $8. Manufacturing OH Budget Company expects variable costs to fluctuate with production volume on the basis of the following rates per direct labor hour: indirect materials $1.15, indirect labor $1.40, utilities $0.45, and maintenance $0.25. Supervisory salaries are $18,000 per quarter. Depreciation is $3,600 per quarter. Property taxes for the year are $44,100, paid evenly over each quarter. Flat maintenance fee of $4,500 is paid each quarter. Selling and Admin Expense Budget Variable expense rates per unit of sales are sales commissions $2 and freight-out $1. Variable expenses per quarter are based on the unit sales from the sales budget. Advertising expense for the year is $14,000 paid evenly each quarter. Sales salaries are $10,000 each quarter The office manager is paid a salary of $7,500 each quarter. Depreciation for office equipment is $1,400 each quarter. Property taxes are $5,000 for the year, paid evenly each quarter. Budgeted Income Statement Additional items: Interest expense is expected to be $150 Income taxes are estimated to be $10,000 Cash Budget Assumptions 1. The January 1, 2020, cash balance is expected to be $32,000. The Company wishes to maintain a balance of at least $15,000. 2. Sales: 60% are collected in the quarter sold and 40% are collected in the following quarter. Accounts receivable of $70,000 at December 31, 2019, are expected to be collected in full in the first quarter of 2020. 3. Short-term investments are expected to be sold for $2,500 cash in the first quarter. 4. Direct materials: 50% are paid in the quarter purchased and 50% are paid in the following quarter. Accounts payable of $11,700 at December 31, 2019, are expected to be paid in full in the first quarter of 2020. 5. Direct labor: 100% is paid in the quarter incurred. 6. Manufacturing overhead and selling and administrative expenses: All items except depreciation are paid in the quarter incurred. 7. Management plans to purchase equipment in the third quarter for $7,000 cash. 8. The Company makes equal quarterly payments of its estimated annual income taxes. 9. Loans are repaid in the earliest quarter in which there is sufficient cash (that is, when the cash on hand exceeds the $15,000 minimum required balance). Budgeted Balance Sheet Pertinent data from the budgeted balance sheet at December 31, 2019, are as follows. Buildings and equipment $182,000 Accumulated depreciation 28,800 Common stock 215,000 Retained earnings 65,670 A B D E G H K L M o N P Q R s T U V w 1 My Company 2 Cash Budget 3 For the Year Ending December 31, 2020 4 5 Quarter 6 1 2 3 4 7 Beginning cash balance 8 Add Receipts 9 10 11 Total receipts 12 Total available cash 13 Less: Disbursements 14 15 16 17 18 19 OH Budget Selling & Admin Budget Budgeted IS Sch of Exp Collections Sch of Exp payments DM Cash Budget Budgeted BS A B D E G H K L M o N P Q R s T U V w 16 17 18 19 20 Total disbursements 21 Excess (deficiency) 22 Financing 23 Add: Borrowings 24 Less: Repayments (including interest) 25 Ending cash balance 26 27 28 29 30 31 32 33 34 85 36 37 38 39 40 41 42 43 OH Budget Selling&Admin Budget Budgeted is Sch of Exp Collections Sch of Exp payments DM Cash Budget Budgeted BS A B D E G H K L M o N P Q R s T U V w 1 My Company 2 Budgeted Balance Sheet 3 December 31, 2020 4 5 Assets 6 Current assets 7 Cash 8 Accounts receivable 9 Finished goods inventory 10 Raw materials inventory 11 Total current assets 12 Property, plant, and equipment 13 Buildings and equipment 14 Less: Accumulated depreciation 15 Total assets 16 Liabilities and Stockholders Equity 17 Liabilities 18 Accounts payable 19 Stockholders equity OH Budget Selling & Admin Budget Budgeted is Sch of Exp Collections Sch of Exp payments DM Cash Budget Budgeted BS 20 Common stock 21 Retained earnings 22 Total stockholders equity 23 Total liabilities and stockholders equity 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 OH Budget Selling&Admin Budget Budgeted IS Sch of Exp Collections Sch of Exp payments DM Cash Budget Budgeted BS + II A B C D E F 1 My Company 2 Production Budget 3 For the Year Ending December 31, 2020 4 5 Quarter 6 1 2 ml 4 Year 7 Expected unit sales 4100 4600 5100 5600 19400 8 Add: Desired ending FG unit 920 1020 1120 1220 1220 9 Total required units 5020 5620 6220 6820 20620 10 Less: Beginning FG units 820 920 1020 1120 3880 11 Required production units 4200 4700 5200 5700 16740 12 13 14 15 16 17 8 19 20 21 22 23 24 25 26 Sales Budget Production Budget DM Budget DL Budget OH Budget Selling &Admin Budg A B D E F G 1 My Company 2 Schedule of expected collections 3 4 Quarter 5 Sales 1 2 3 4 Year 6 A/R, 12/31/19 70000 70000 7 First quarter 159900 106600 266500 8 Second quarter 179400 119600 299000 9 Third quarter 198900 132600 331500 10 Fourth quarter 218400 218400 11 Total collections 229900 286000 318500 351000 1185400 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 | DM Budget | DL Budget OH Budget H.. Selling&Admin Budget Budgeted is Sch of Exp Collections Sch of Exp payments A B C D E F G H 1 My Company 2 Schedule of expected payments for DM 3 4 Quarter 5 Purchases 1 2 3 4 Year 6 A/P, 12/31/19 11700 11700 7 First quarter 17000 17000 34000 8 Second quarter 19000 19000 38000 9 Third quarter 21000 21000 42000 10 Fourth quarter 22920 22920 11 Total payments 28700 36000 40000 43920 148620 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 H.. | DM Budget | DL Budget OH Budget Selling & Admin Budget Budgeted IS Sch of Exp Collections Sch of Exp payments DM CE