Excel Project Budgetng Spreadsheet This assignment asks you to set up an Excel budget spreadsheet file that automatically prepares the master budget for a company, given sales projections and information on beginning balances, production requirements, desired endng nventories, etc. Information on developing the budgets appears in Chapter 8 of your text, and examples ofbudget worksheets appear in the schedules throughout the chapter Data Glamour Inc. produces and sells lady handbags. Below is information on its activities for the next few months months are as follows Estimated Sales (in units Sales projections for the coming April 25,000 Mav 55,000 June 65,000 Julv 60,000 Handbags Actual sales in February were 30,000 units; actual sales in March were 45,000 units. Each handbag's selling price is $65/unit. Desired ending inventory ofhandbags is 5,000 units plus 10% ofthe following month's projected sales. There are 7,500 units ofhandbags in nventory as of Apri 1 2. Estimated cash collections fom sales ofhandbags to customers are as follows: 40% collected n the month ofsale, 30% collected m the month following sale, 28% colected in the second month following sale, and 2% never collected 3 Three materials are used in the production ofhandbags: Rayon, Linen, and Leather. Materials requirements per unit ofhandbag are as follows: one unit of Rayon, 5 units ofLinen, and 3 units of Leather Costs of materials are Rayon- $1.6/unit, Linen $1.80/unit, Leather - S3.00/unit Desired ending inventory ofRayon is 20% ofthe following month's production need because t is sometimes in short supply Desired ending inventory ofLmen and Leather s 5% ofthe following month's production need because they are easy to get. Inventories ofmaterials as of