Aspen Company Reece James is preparing the 2024 budget for one of her Trademark parachutes. Extensive meetings with members of the sales department and executive management have resulted in the following unit sales projections for 2024. For quarter 1 the projected sales are 1000 parachutes and each quarter the number increases by 15% from the previous quarter. They expect to sell each ship for $100 in quarter one and a 25% increase in each quarter after that. Aspen's policy is to have finished goods inventory in a quarter equal to 25% of the next quarters anticipated Sales. Preliminary Sales projections for 2025 are 800 parachutes for the first quarter and 800 parachutes for the second quarter. Ending finished goods in December 2023 are 600 parachutes. Production of each parachute requires 30 pounds of material. Company policy is that the ending inventory for material should be 25% of the amount needed in production for the next quarter. Assume that the ending inventory of material in December 2024 is 1000 pounds. The acute material used in the production of the parachutes cost $0.50 per pound. Production of a single parachute requires 2 hours of work by employees. Employees are paid $5 per hour. Selling and administrative are expected to be $25 per unit sold plus $5500 fixed costs per quarter. Manufacturing overhead is assigned at 120% of labour costs and additional fixed costs of $400 for depreciation and $100 for maintenance costs each quarter. Interest per year is expected to be $2000 and taxes $1600 per year. Overheads are measured by direct labour hour. Requirements Prepare the sales budget, production budget, direct material budget, labour budget, manufacturing overhead budget, selling and administrative budget for each quarter and for the year 2024 and prepare a Budgeted Income Statement for the year 2024. - Your answer to be completed on an Excel sheet using formulas rather than a calculator - Your answer (Excel File) must be uploaded on Blackboard by 26 November 11.59pm - Any figures can be rounded up if needed - Late submissions will be penalized