Create a spreadsheet along the lines discussed above using the information given in problem 3-16 of your textbook. Verify whether your spreadsheet is correct by comparing the net income obtained in your spreadsheet with the solution posted. Make sure to size your sheet in such a way that all the blocks fit into a page. Presentation is as important as correct answers. Now, assume that sales were $1,150,000, materials purchases were $290,000, and direct labor costs were $175,000. Also assume that the estimated direct labor dollars were $220,000. Repeat the exercise with the modified values. If your spreadsheet is properly constructed, all you need to do change these values at the data entry section. Excel will automatically update all the relevant accounts. The sample work in Excel for Cornell Camps (discussed in Part 4 of Job Costing Slides) is posted in Canvas for your reference. However, it does not contain any cell references or formulas.