ATC 8-6 Spreadsheet Assignment Using Excel Irvine Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price $48.00 Materials cost 12.00 Labor cost 6.00 Overhead cost 8.40 Selling, general, and administrative costs 9.60 Expected fixed costs Manufacturing overhead $180,000 Selling, general, and administrative 72,000 Irvine planned to make and sell 30,000 copies of the book.P40.UU Materials cost 12.00 Labor cost 6.00 Overhead cost 8.40 Selling, general, and administrative costs 9.60 Expected fixed costs Manufacturing overhead $180,000 Selling, general, and administrative 72,000 Irvine planned to make and sell 30,000 copies of the book. Page 404 Required Construct a spreadsheet like the one shown in L Exhibit 8.1 to illustrate a static budget and a flexible budget for production volumes of 28,000, 29,000, 30,000, 31,000, and 32,000. excelEXHIBIT 8.1 Static and Flexible Budgets in Excel Spreadsheet Exhibit 8.1.xisx - Microsoft Excel X File Home Insert Page Layout Formulas Data Review View % Cut Arial 11 A any Wrap Text General AutoSum Copy Paste Fill . Format Painter BIU- A Merge & Center " $ % 1 Conditional Format Cell Insert Delete Format Sort & Find & Formatting . as Table . Styles . 2 Clear . Filter - Select . Clipboard Font Alignment Number Styles Cells Editing 135 A B C D E F G H Static W N Budget Flexible Budgets 4 Number of Units 18,000 16,000 17,000 18,000 19,000 20,000 5 Per Unit 16 Standards 7 Sales Revenue $80.00 $1,440,000 $1,280,000 $1,360,000 $1,440,000 $1,520,000 $1,600,000 8 9 Variable Manuf. Costs 10 Materials $12.00 216,000 192,000 204,000 216,000 228,000 240,000 11 Labor 16.80 302,400 268,800 285,600 302,400 319,200 336,000 12 Overhead 5.60 100,800 89,600 95,200 100,800 106,400 112,000A B C D E F G H Static Budget Flexible Budgets 4 Number of Units 18,000 16,000 17,000 18,000 19,000 20,000 5 Per Unit 6 Standards 7 Sales Revenue $80.00 $1,440,000 $1,280,000 $1,360,000 $1,440,000 $1,520,000 $1,600,000 8 9 Variable Manuf. Costs 10 Materials $12.00 216,000 192,000 204,000 216,000 228,000 240,000 11 Labor 16.80 302,400 268,800 285,600 302,400 319,200 336,000 12 Overhead 5.60 100,800 89,600 95,200 100,800 106,400 112,000 13 Variable G,S, &A 15.00 270,000 240,000 255,000 270,000 285,000 300,000 14 15 Contribution Margin 550,800 489,600 520,200 550,800 581,400 612,000 16 17 Fixed Costs 291,600 291,600 291,600 291,600 291,600 291,600 18 19 Net Income $ 259,200 $ 198,000 $ 228,600 $ 259,200 $ 289,800 $ 320,400 20 21