Elliot Co. manufactures a product with seasonal variations in demand. The following budget data for this product has been collected for the upcoming year (2014). In addition, predictions were also made for the first quarter of 2015. 2014 Quarter 1 Quarter 2 Quarter 3 Quarter 4 -Forecasted sales in units: 40,000 60,000 100,000 50,000 -Forecasted sales in units for the first quarter of 2015: 70,000 -Sales price per unit $8.00 -Desired ending inventory of finished units as a percentage of next quarter sales: 30% (Assume the same requirements relating to desired finished units ending inventory were in effect for 2013). -Desired ending inventory of finished units for the first quarter of 2015: 24,000 -Yards of materials required to complete one unit of finished product: 5 -Desired ending inventory of materials as a percentage of next quarter production requrements (expressed in yards): 10% (Assume the same requirements relating to desired ending materials inventory were in effect for 2013). -Materials cost per yard $0.80 1. Use the data above to prepare the Sales Budget. Enter titles, cell references, and formulas where indicated. Title Year 2015 Quarter Title For the Year Ended 2014 Quarter 1 2 3 4 Total 1 Title cell reference cell reference cell reference cell reference Formula cell reference Title $ cell reference $ cell reference $ cell reference $ cell reference $ cell reference Title Formula Formula Formula Formula Formula 2. Use the data above to prepare the Production Budget. Enter titles, cell references, and formulas where indicated. Title Year 2015 Quarter Title Title Quarter 1 2 3 4 Total 1 Title cell reference cell reference cell reference cell reference formula cell reference Title $ formula $ formula $ formula formula cell reference cell reference Title formula formula formula formula formula formula Title formula cell reference cell reference cell reference cell reference cell reference Title formula formula formula formula formula formula 3. Use the data above to prepare the Materials Budget. Enter titles, cell references, and formulas where indicated. Title Year 2015 Quarter Title Title Quarter 1 2 3 4 Total 1 Title cell reference cell reference cell reference cell reference Formula cell reference Title $ cell reference $ cell reference $ cell reference $ cell reference $ cell reference cell reference Title Formula Formula Formula Formula Formula formula Title $ Formula $ Formula $ Formula Formula cell reference Title Formula Formula Formula Formula Formula Title Formula cell reference cell reference cell reference cell reference Title Formula Formula Formula Formula Formula Title $ cell reference $ cell reference $ cell reference $ cell reference $ cell reference Title Formula Formula Formula Formula Formula 4. Save the file as YOUR NAME 5. Upload the file to Blackboard.