Computer Assignment The SK Industries, Inc. manufactures and sells two products, Accel Active and Accel Regular. In September 2018, SK Industries Budget Department gathered the following data in order to prepare budgets for 2019: 2019 Projected Sales Product Units Price Accel Active 45,000 $225 Accel Regular|75,000 155 Expected Target Inventories Product January 1, 2019 December 31, 2019 Accel Active 9,000 12,000 Accel Regular 17,000 25,000 The following direct materials are expected to be used in the two products: Material Used per Unit Direct Material Unit Accel Active Accel Regular One pound 6 Two pound 4 1 2 Three pound 2 0 Projected data for 2019 with respect to direct materials are as follows: Direct Material Expected Purchase Price|EX Di Expected Inventories Target Inventories (January 1, 2019) (December 31, 2019) One $15 | 27,000 lb 35,000 lb Two $7 30,000 lb 35,000 lb Three $4 / 4,000 lb 7,000 lb Projected direct labor requirements and rates for 2019 are as follows: Product Hours Per UnitRate Per Hour Accel Active 4 | $18 Accel Regular 3 $15 Manufacturing overhead is allocated at the rate of $22 per direct manufacturing labor-hour. Required: Based on the preceding projections and budget requirements for Accel Active and Accel Regular, prepare the following budgets for 2019: 1. Revenues budget (in dollars) 2. Production budget (in units) 3. Direct materials purchases budget (in quantities) 4. Direct materials purchases budget (in dollars) 5. Direct manufacturing labor budget (in dollars) 6. Direct manufacturing overhead budget (in dollars) 7. Budgeted finished goods inventory at December 31, 2019 (in dollars) 8. Cost of Goods Sold budget (in dollars) Note: This is a computer assignment that can be easily done using standard spreadsheet software such as "Excel". Budgets are flexible and fluid and may change as managers have access to additional information. If the above budget was computed manually, and a budgeting change was made in a the entire budget would have to be recomputed. This would be a redundant and time-consuming exercise. Instead, if a spreadsheet template, employing simple formulas, was constructed, a budgeting change could be made in a matter of seconds and the answers would be recomputed automatically. This assignment will have two parts, the first comprising of the data- entry section, where you will enter the above data. The second part will be the budgeting template, which will ONLY contain formulas that are linked to the data-entry section. I recommend you "test" your template upon completion, i.e. change a key number in the data- entry section and see if the numbers in the template recompute correctly