Read the case study below, and complete the budget for all appropriate areas. Show all of your calculations. James is a student attending Conestoga College to become an electrician. He worked hard in his last year of high school and was able to save $4000 to help pay for various necessities over the school year. James' tuition costs $5000 for the year. He received an OSAP loan to attend college, and only needs to worry about paying the interest of $100 each month. His parents give him an allowance of $100 per week while he is attending school to help pay for things like groceries. James rented a room in student housing in Kitchener, which costs $450/month but includes utilities. James must pay for internet and his phone separately, which costs $120 a month. His school supplies cost him $500 this year. James is able to work at an apprenticeship while he is in school. He works for 5 hours, 3 times a week. He gets paid $12/hour. James' family lives in Waterloo. Because he is able to take the GRT to school, work and to visit home, he decided to not buy a car this year. He is able to get a Conestoga College Bus pass which is valid for a whole semester (4 months). This costs $227. James has dinner with his family every Sunday, and he gets sent home with enough food for half the week. He only spends about $70 per week on groceries, however he goes out for dinner every Friday night with friends and spends about $40 each time. He also loves movies, and goes out to the theater spending on average $50 a month. He does not shop a lot and only spends about $50 each month on clothing. As part of his tuition costs, James is able to use the campus facilities for recreation. He uses the gym, pool and tennis courts. He recently broke his tennis racket and had to buy a new one ($80). He tries to put away $10 each week into a specific \"sports equipment\" savings account for things like this. He also wants to save $25 each week for other savings. 1. Highlight important information you can use to create a budget. 2. Using the chart below, separate each expense into fixed cost or variable cost. mm Variable Costs 3. Use the Budget Template to fill in appropriate dollar amounts to create a MONTHLY budget for James. (See last page of assignment) 4. What percent of James's costs are fixed? Show all your work. 5. Based on James's budget, does he have enough income to support his monthly expenses each month? Explain. 6. a) Are there expenses that you think James has forgotten to include? Explain. b) Estimate the monthly amount for any missing expenses. James decides to go increase the number of hours and days he works at his apprenticeship. He changes his shift to 6-hour shifts 5 times each week. Adjust James's monthly budget based on his new working income. a) Adjust James's monthly budget based on his new working income. b) How has the increase in working hours affected James' monthly budget? C) Is James' decision to work more hours realistic and sustainable? Budgeting Sheet: Monthly Amount ($) #7. Adjusted Budget INCOME Fixed Variable Total Employment Income Allowance Apprenticeship Saved Money Total IncomeEXPENSES Tuition Interest Owed Mortgage/Rent Phone/Cable/Internet Groceries School Supplies Clothing Transportation Veterinarian Entertainment Dining Out Sports Other SubtotalSAVINGS Sports Equipment Other Subtotal Total Expenses BALANCE = Total Income - Total Expenses