Part 7- 9 in excel format please.

The Chen Corporation manufactures and sells two products: Thingone and Thingtwo. In July 2019, Chens budget department gathered the following data to prepare budgets for 2020:

2020 Projected Sales Product Units Price

Thingone 69,000 $280

Thingtwo 44,000 $420

2020 Inventories in Units

Expected Target

Product January 1, 2020 December 31, 2020

Thingone 24,000 29,000

Thingtwo 7,000 8,000

The following direct materials are used in the two products:

Projected data for 2020 for direct materials are:

Expected Inventories Target Inventories

Direct Material Unit Anticpated purchase price January 1, 2020 December 31, 2020

A $13 36,000 lb. 38,000 lb.

B 8 31,000 lb. 34,000 lb.

C 7 9,000 units 12,000 units

Projected direct manufacturing labor requirements and rates for 2020 are:

Manufacturing overhead is allocated at the rate of $24 per direct manufacturing labor-hour.

Required:

Based on the preceding projections and budget requirements for Thingone and Thingtwo, prepare the following budgets for 2020: Complete parts 1 through 9 using the excel template provided. You will need to add to the template based on what we discussed in the Operating Budget Videos in Module 6 related to the Cost of Goods Sold and the Income Statement through Gross Profit. Setup all excel formulas.

1. Revenues budget (in dollars)

2. Production budget (in units)

4. Direct material purchases budget (in quantities)

5. Direct material purchases budget (in dollars)

6. Direct manufacturing labor budget (in dollars)

7. Budgeted finished-goods inventory at December 31, 2020 (in dollars)

8. Prepare the budgeted cost of goods sold adding to the template that is provided. Setup all of the excel formulas. Assume the following additional facts:

Assume that the budgeted 1/1 finished goods inventory price per unit was $250 for Thingone and $350 for Thingtwo.

Assume that the beginning inventory unit costs for materials A, B, and C has the same cost as the projected data for 2020.

9. Prepare the Income Statement through the Gross Profit

1 Chen Corporation 4 Chen Corporation DIRECT MATERIALS PURCHASE BUDGET (DOLLARS) DIRECT MATERIAL A DIRECT MATERIAL B DIRECT MATERIAL C TOTAL DIRECT MATERIALS BUDGET IN DOLLARS