Using the template provided for this assignment, prepare an operating budget for Amy Steele Bags for the month of July Assumptions: budgeted sales for August is 100 bags. trade show cost in July is $1,500 Production Labour Calculations April May June July Budgeted Production 52 72 126 *Hours required (4 hrs/unit) 208 288 504 Labour cost ($15) $3,120 $4,320 $7,560 Selling & Administration Budget Calculations April May June July Total Sales $15,000 $18,000 $36,000 Less: Sales Commission (5%) $750 $900 $1,800 Less: Fixed costs $2,500 $2,500 $2,500 Less: Advertising cost $500 $0 $0 Less: Trade show cost $0 $0 $1,500 Total Selling & Administration Costs $3,750 $3,400 $5,800 Operating Budget Calculations April May June July Total Sales $15,000 $18,000 $36,000 Less: Direct Materials Cost $2,340 $3,240 $5,670 Less: Production Labour Cost $3,120 $4,320 $7,560 Less: Selling & Admin Cost $3,750 $3,400 $5,800 Operating Profit $5,790 $7,040 $16,970