Please show the calculations for the answer provided in the excel sheet (i.e how are formulas sued and how are the steps followed).

Problem 1 Newport Lifts Newport Lifts (USA) exports heavy crane equipment to several Chinese dock facilities. Sales are currently 10,000 units per year at the yuan equivalent of $24,000 each. The Chinese yuan (renminbi) has been trading at Yuan8.20/$, but a Hong Kong advisory service predicts the renminbi will drop in value next week to Yuan9.20/$, after which it will remain unchanged for at least a decade. Accepting this forecast as given, Newport Lifts faces a pricing decision in the face of the impending devaluation. It may either (1) maintain the same yuan price and in effect sell for fewer dollars, in which case Chinese volume will not change; or (2) maintain the same dollar price, raise the yuan price in China to offset the devaluation, and experience a 10% drop in unit volume. Direct costs are 75% of the U.S. sales price. Assumptions Sales volume per year dollar price per unit yuan price per unit (spot 8.20/$) direct costs as % of US$ sales price spot exchange rate, yuan/$ Values 10,000 24,000 196,800 75% 8.20 expected spot rate, yuan/$ unit volume decrease if price increases 9.20 -10% Case 1 Same Yuan Price Case 2 Same US$ Price Sales to China dollar price per unit yuan price per unit unit volume (# units sold) 21,391.30 196,800.00 10,000 24,000.00 220,800.00 9,000 Sales revenue in $ Less direct costs Gross profits 213,913,043 -160,434,783 $53,478,261 216,000,000 -162,000,000 $54,000,000 Better