CASE 2 The following First Quarter projected information is provided for Colossal Marketing, a Service Business that provides creative services to its clients: i) In January it is expected that the Business will complete 260 hours of work for its clients and charge them a 200% Mark up on Direct Labour Cost ii) In February it is expected that the Business will complete 280 hours of work for its clients and charge them a 200% Mark up on Direct Labour Cost iii) In March it is expected that the Business will complete 250 hours of work for its clients and charge them a 200% Mark up on Direct Labour Cost iv) The following Direct Labour Hours and Rates are expected to be incurred each month: v) General Overhead for each month is as follows: Variable Couriers $1.50 per Direct Labour Hour Fixed REQUIRED: Using a Spreadsheet or Word document, prepare the following detailed Budgets on a Monthly basis for the First Quarter ending March 31st: - Service Revenue Budget -Direct Labour Budget -General Overhead Budget -Budgeted income Statement CASE 2 The following First Quarter projected information is provided for Colossal Marketing, a Service Business that provides creative services to its clients: i) In January it is expected that the Business will complete 260 hours of work for its clients and charge them a 200% Mark up on Direct Labour Cost ii) In February it is expected that the Business will complete 280 hours of work for its clients and charge them a 200% Mark up on Direct Labour Cost iii) In March it is expected that the Business will complete 250 hours of work for its clients and charge them a 200% Mark up on Direct Labour Cost iv) The following Direct Labour Hours and Rates are expected to be incurred each month: v) General Overhead for each month is as follows: Variable Couriers $1.50 per Direct Labour Hour Fixed REQUIRED: Using a Spreadsheet or Word document, prepare the following detailed Budgets on a Monthly basis for the First Quarter ending March 31st: - Service Revenue Budget -Direct Labour Budget -General Overhead Budget -Budgeted income Statement