Exam 3: 25 points Requirements: Complete this Exam in Excel using the proper format. Attach your Excel Spreadsheet in Blackboard. All budgets must be labeled appropriately EXACTLY like the textbook. The textbook is your best friend for this examination. Show how all numbers were derived so that I can give partial credit. Mr. Edward Henderson began sweeping floors at Warren Molded Plastics, Inc., located in Salem, Ohio in 1968. Warren Molded Plastics used injection molds to make specialized plastic parts that were utilized by the automobile industry, namely General Motors, Inc., hereinafter referred to as "GM." While Mr. Henderson did not have a college degree, he garnered valuable knowledge while cleaning up the scrap dropped by the line workers. He offered cost savings suggestions to management based on what he had observed. Impressed, management promoted him and by 1985, he became the plant manager of the Salem facility. Over the years, competition intensified and GM was able to dictate the prices they were willing to pay suppliers. Currently, Warren Molded Plastics made two parts for GM-center consoles and right door panels for the Cadillac Sedan and Buick LaCrosse, respectively. GM would pay no more than $2,500 for center consoles and $2,000 for right door panels. Warren Molded Plastics began forecasting 2022 sales and associated costs in mid-September of 2021 based on assumptions that GM would order 4,320 center consoles for its Cadillac Sedan and 6,480 right door panels for its Buick LaCrosse. Mr. Henderson knew that he had to control costs because Warren Molded Plastics could no longer raise their prices. Please prepare the following: MASTER BUDGET: 25 Points o Sales Budget (2 points) Warren Molded Plastics projects the following sales forecast for Center Consoles and Right Door Panels. "Sales Price", as noted below, is what GM has agreed to pay. Product Center Consoles for Cadillac Sedan Right Door Panel for Buick LaCrosse Forecasted Sales Volume 4,320 6,480 Sales Price $2,500 $2,000 o Production Budget (4 points) Warren Molded Plastics has a corporate policy that it must maintain some safety stock to error on the side of conservatism. Product Desired Ending Beginning Finished Finished Goods Goods Inventory Center Consoles for Cadillac Sedan Inventory 24 16 Right Door Panel for Buick LaCrosse 36 28