Am I filling this out correctly ? And how do I finish it? I still need to fill in the spots with question marks. Also here are the instructions it came with: ACCOUntIng 2020 - EXcel 2Reese Co manufactures RC cars that sell for $33 each. Each RC car requires 2 pieces of lightweight plastic, which costs $2.50 per piece Each RC car takes approximately 45 minutes to build, and the labor rate averages $15 per hour. Reese Co has the following inventory policies:Ending finished goods inventory should be 35 percent of next month's salesEnding direct materials inventory should be 25 percent of next month's production.JuneJulvAugustSeptemberOctoberNovember750600750730820670Variable manufacturing overhead is incurred at a rate of $0.35 per unit produced. Annual fixed mnaufacturing overhead is estimated to be $7,800 ($650 per month) for expected production of 7,800 units for the year. Selling and administrative expenses are estimated at $820 per month plus $0.75 per unit sold. Prepare the following budgets for each month (July, August, and September) as well as Quarter 3 totals.???Complete the legend by entering all relevant data you will need to complete the following budgets. You will need to use this legend in all formulas for the following budgets.???Sales budget???Production budget???Direct materials purchases budget???Direct labor budget???Manufacturing overhead budgetNote 1: the only cells that may have hard-keyed values are the shaded cells in the legend. All other cells should have a formula or a cell reference.Note 2: only the cells with question marks will be graded. Any other sections are provided for your ease of use.

1. Legend Sales Price 33.00 $ perunitsold Budgeted Sales Units: Direct materials (per RC car) 2.00 pieces/RC car June 750 Direct materials cost 2.50 $ perpiece July 600 Direct labor (per RC car) 3/4 hours/RCcar August 750 Direct labor cost 15.00 $ perhour September 730 Variable overhead 0.35 $ perunitproduced October 820 Fixed overhead ( monthly cost) 650.00 $ per month November 670 Fixed overhead (annual cost) 7,800.00 $ per year Budgeted annual units 7,800 RC cars Policies: Variable selling and administrative expenses 0.75 $ perunitsold Ending Finished Goods 359% Fixed selling and administrative expenses 820.00 $ permonth Ending Raw Materials 259% 2. Salesbudget July August September 3rd Quarter October November Budgeted unit sales 600.00 750.00 730.00 2,080.00 820.00 670.00 Sales price 33.00 33.00 33.00 33.00 33.00 33.00 Budgeted sales revenue 19,800.00 24,750.00 24,090.00 68,640.00 27,060,00 22,110.00 3. Production budget July August September 3rd Quarter October November Sales units 600.00 750.00 730.00 2,080.00 820.00 670.00 Ending balance finished goods 262.50 255.50 287.00 805.00 234.50 > Beginning balance finished goods 210.00 262.50 255.50 729 00 287.00 234.50 Budgeted production units 652.50 743.00 761.50 767.50 X 4. Direct materials purchases July August September 3rd Quarter October November Budgeted production units 652.50 743.00 761.50 2,157.00 767.50 Material requirements perunit 2.00 2.00 2.00 2.00 2.00 Total material needed forproduction 1,305.00 1,486.00 1,523.00 4,314.00 1,535.00 Ending direct materials inventory 371.50 380.75 383.75 1,136.00 Beginning direct materials inventory 326.25 371.50 380.75 1,078.50 Budgeted direct materials purchases ,350.25 1,495.25 1,526.00 4,371.50 Materials cost per piece 2.50 2.50 2.50 2.50 Budgeted cost of direct materials purchases 3,375.63 3,738.13 3,815.00 10,928.75 5. Direct laborbudget July August September 3rd Quarter Budgeted production 652.50 743.00 761.50 2,157.00 0.75 Direct labor requirements perunit 0.75 0.75 0.75 Direct laborhours required 489.38 557.25 571.13 1,617.75 Direct Labor rate 15.00 15.00 15.00 15.00 Budgeted direct labor cost 7,340.63 8,358.75 8,566.88 24,266.25 6. Manufacturingoverhead budget July August September 3rd Quarter 652.50 761.50 2,157.00 Budgeted production 743.00 Variable manufacturing overhead rate 2 Budgeted variable manufacturing Fixed manufacturing overhead Budgeted manufacturing overheadX V fx 40% C D E G H L 1. Legend Cash Receipts: Cash Disbursements: Cash on hand July 1 $9.200 DM purchases in June (% of sales) 65% DM paid in month of purchase $60 Creditsales (% of sales) 354% DM paid in month afterpurchase 409% Creditsales collected in month of sale 60% DM paid in 2 months afterpurchase Credit sales collected in month following sale 40% Depreciation included in fixed manufacturing overhead (monthly) 350 Creditsales collected 2 months following sale Equipment purchases in July $15,000 Equipment purchases in August Equipment purchases in September 2. Budgeted cashreceipts July August September 3rd Quarter Budgeted sales revenue Cash collections (65%% of budgeted sales) Creditcollections (35% of budgeted sales) Cash collected in month of sale Cash collected in month following sale Budgeted cash receipts + 3. Budgeted cash payments July August September 3rd Quarter Budgeted directmaterials purchases Cash disbursements: Directmaterials purchases paid in month of purchase ? Directmaterials purchases paid in month following purchase Directlabor Manufacturing overhead Depreciation ? ? Cash paid forequipment Total budgeted cash payments 4. Cash Budget July August September 3rd Quarter Beginning cash balance 43 Budgeted cash receipts ? Budgeted cash payments ? Preliminary cash balance 2 46 Cash borrowed (repaid) Ending cash balance ? 50 Part 1 Part 1 TEMPLATE Part 2 Part 2 TEMPLATE + Ready fox Accessibility: Investigate