Part 1 You have just been hired into an accounting position at Cooking Inc., which requires...

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Part 1 You have just been hired into an accounting position at Cooking Inc., which requires the application of your budgeting skills. Cooking Inc. produces and sells toaster ovens and microwave airfryer ovens. The following data has been gathered to budget for 2024. 2024 projected sales Toaster ovens Microwave airfryer ovens 2024 Inventories in units Toaster ovens Microwave airfryer ovens Units Price 46,000 35,000 $85 130 Expected January Desired December 31, 1, 2024 2024 10,000 3,000 To produce one unit of each product, the following components are used: 12,000 5,000 Components Motor Switches Fuse Toaster ovens Microwave airfryer ovens 1 1 4 3 2 2 Projected data for 2024 with respect to components are as follows: Motor Switches Fuse Projected Purchase Price $20.00 Expected January 1, 2024 Desired December in units 31, 2024 in units 2,000 3.00 21,000 3,600 24,000 4.00 6,000 7,500 Projected direct labor replacements for 2024 and rates are as follows: Product Toaster ovens Microwave airfryer ovens Hours per unit Rate per hour 2 3 $15 16 Overhead is applied at a rate of $10.00 per direct labor hour Required: Prepare the following 2024 budgets on the Part 1 budget worksheet in order provided below. Use the this worksheet as your reference worksheet for cell referencing on the budget worksheet. The budget worksheet must only be cell references and formulas. You will need to provide clear labels and set up the budgets in good form. 1. Sales budget in dollars. 2. Production budget in units 3. Components purchase budget in units and dollars. 4. Direct labor budget in dollars. 5. Compute the budgeted production cost per unit of a toaster oven and a microwave airfryer oven. Part 1 You have just been hired into an accounting position at Cooking Inc., which requires the application of your budgeting skills. Cooking Inc. produces and sells toaster ovens and microwave airfryer ovens. The following data has been gathered to budget for 2024. 2024 projected sales Toaster ovens Microwave airfryer ovens 2024 Inventories in units Toaster ovens Microwave airfryer ovens Units Price 46,000 35,000 $85 130 Expected January Desired December 31, 1, 2024 2024 10,000 3,000 To produce one unit of each product, the following components are used: 12,000 5,000 Components Motor Switches Fuse Toaster ovens Microwave airfryer ovens 1 1 4 3 2 2 Projected data for 2024 with respect to components are as follows: Motor Switches Fuse Projected Purchase Price $20.00 Expected January 1, 2024 Desired December in units 31, 2024 in units 2,000 3.00 21,000 3,600 24,000 4.00 6,000 7,500 Projected direct labor replacements for 2024 and rates are as follows: Product Toaster ovens Microwave airfryer ovens Hours per unit Rate per hour 2 3 $15 16 Overhead is applied at a rate of $10.00 per direct labor hour Required: Prepare the following 2024 budgets on the Part 1 budget worksheet in order provided below. Use the this worksheet as your reference worksheet for cell referencing on the budget worksheet. The budget worksheet must only be cell references and formulas. You will need to provide clear labels and set up the budgets in good form. 1. Sales budget in dollars. 2. Production budget in units 3. Components purchase budget in units and dollars. 4. Direct labor budget in dollars. 5. Compute the budgeted production cost per unit of a toaster oven and a microwave airfryer oven.