Module 5_Master Budgets XL Company is preparing its master budget for 2018. Relevant data pertaining to its sales, production, and direct materials budgets are as follows: Sales: Sales for the first quarter is 2400 units then it will increase by 5% in quarter 2,10% from quarter 2 to 3 , and 15 % from quarter 3 to 4 . The sales price is expected to be $40 per unit for the first three quarters and $50 per unit in the fourth quarter. Sales in quarter 1 of 2019 is expected to be 2,640 units Production: Management desires to maintain ending finished goods inventories at 25% of next quarter's budgeted sales volume. Labor: Hourly wages is $10, and it required 3 hours to produce 1 unit Requirement: Prepare, Sales budget, Production budget and direct labor budget for the year using excel sheet