Acctg 1B - Group Project -Budgets Use Excel to prepare the following budgets for March 2018 1. Sales budget 2. Production budget 3. Direct materials purchases budget 4. Direct labor cost budget 5. Factory overhead cost budget 6. Costs of goods sold budget. Work in process at the beginning of March is estimated to be $15,000, and work in process at the ending of March is desired to be $14,500 7. Selling and administrative expenses budget 8. Budgeted income statement The excel (or google sheet) document should use a different tab for each budget. Do not use excel as a typewriter. You must use formulas and links between spreadsheet tabs. Formatting should include appropriate headings. See example budgets in the text for format The group's excel workbook will be uploaded into Moodle. Each team member is also individually responsible for completing the team evaluation worksheet. Information for Budgeted Income Statement and Supporting Budgets The budget director of Athletic Supplies Inc., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the budgeted income statement for March Estimated sales for March: Batting helmet Football helmet a. 1,100 units at $45 per unit 6,400 units at $150 per unit b. Estimated inventories at March 1 Direct materials: Plastic 60 lbs Foam lining 70 lbs Finished products Batting helmet Football helmet 50 units at $27 per unit 230 units at $76 per unit c. Desired inventories at March 31: Direct materials Plastic 60 lbs Foam lining 75 lbs Finished products Batting helmet Football helmet 55 units at $25 per unit 225 units at $78 per unit