The budget must be prepared using Excel. Please turn in only $1$ answer.

Prepare a quarterly sales budget, a cash receipts budget, a production budget $($in units$),$

a direct materials purchases budget, a cash disbursements for purchases budget, a direct labor budget, an overhead

budget, and a cash budget. In addition, prepare an ending finished goods inventory budget, and an income statement for the

year. Please label each schedule. Your quarterly budgets will have $4$ quarters and a total column. I have provided a template.

All schedules should be within one file; however, multiple worksheets may be used. Upload your single Excel file into Canvas

I expect you to use formulas where appropriate and not to type in calculated totals, subtotals and products $($in other words, leave

your calculator at home when you do this$).$

ABC Co$.$ produces small statues for gardens. As the controller, you are expected to prepare ABC's quarterly budget for the year

ABC has this balance sheet at the beginning of the year:

You have gathered the following information about expected activity:

The marketing department projects the following sales levels:

Quarter $1,2022$

Quarter $2,2022$

Quarter $3,2022$

Quarter $4,2022$

Quarter $1,2023$

Quarter $2,2023$

$1,975$ statues

$2,800$ statues

$2,000$ statues

$2,025$ statues

$2,100$ statues

$2,400$ statues

The statues are expected to sell for $$30\mathrm{.}1$ each.

ABC sells all merchandise on credit. Historically, ABC receives $40\%$ of each quarter's sales during

the quarter and $60\%$ in the next quarter.

ABC plans to stock ending inventory of finished goods to equal $30\%$ of the next quarter's sales.

Finished Goods inventory at $\frac{1}{1}\frac{?}{2022}$ is $210$ statues at a cost of $$16\mathrm{.}9$ per unit.

ABC uses FIFO to account for finished goods inventory.

The statues are made with both cement and plaster. The statues each require $4$ pounds of cement at a cost of $$0\mathrm{.}9$ per pound.

In addition, the statues require $4$ pounds of plaster at $$0\mathrm{.}38$ per pound. At $\frac{12}{31}\frac{?}{2021},$ABC had $400$ pounds of cement on hand

and no plaster on hand. ABC plans to keep $25\%$ of the cement and plaster required for next quarter's production in inventory at the end of

each quarter. ABC pays for all purchases $55\%$ in the quarter of purchase and $45\%$ in the quarter following purchase.

Each statue requires $0\mathrm{.}75$ hours of direct labor at $$11\mathrm{.}5$ per hour. Employees are paid on the last