(EXCEL FORMULAS)

3. Your answer to be completed on an Excel sheet using formulas, not a calculator 4. Your answer (Excel File) must be uploaded on Blackboard by Thu. 6th May 2021 5. Late submission will be subject for 10% penalty of the awarded mark| Axiom Mobile Plus company approached you as a Management Accounting expert to assist them in preparing their 2018 budget. They provided you with the following data: The company is manufacturing and selling two models of the branded Mobile: o Model 1 o Model 2 Expected number of units to be sold in 2018 o Model 1: 15,000 units o Model 2: 10,000 units Expected selling Price: o Model 1: $250 o Model 2: $200 Each model requires 5 components o Camera (Model 1 has 2 Cameras, while Model 2 has only 1 Camera). o Screen o Frame O Motherboard. Component prices are as follows: o Camera: $15 o Keypads: $10 o Screen: $20 o Frame: $3 o Motherboard: $12 The company already had a beginning inventory of 3,000 units of each of the above components at a cost of: o Camera: $12.50 o Keypads: $9 o Screen: $18 o Frame: $2.75 o Motherboard: $11.50 No ending inventory of any component item or finished goods is required. Both Mobile Models require 5.5 hours of labor at a cost of $5.00 per hour to be manufactured Overhead is allocated at a rate of $15 per direct labor hour. Required: Prepare the following budgets: 1. Sales Budget 2. Purchased Material Budget 3. Direct Labor Budget 4. Overhead Budget 5. Budgeted (partial) income statement