Exercise 1) Using the template provided to you, create a sales budget, production budget, direct materials purchases bodget, and direct labor budect, Only rows that say [2D should have 2 decimal places. All other numbers should be rounded to the neareat unit or dollar amount (i.e., no decimals); Volcano Company is a higb-technology organization that produces a mass-storage system. The units Volcano produces combine positive features of both compact and hard disks. The company is completing its fiet yeat of opentions and fs preparing to bulld its master budget for the coming yey (2024). The bud get will detail each quarter's activity and the activity for the year in total. The master bodget will be based on the following information: 2. Fonrth-guarter +ales for 2023 mere 55,000 units. b. Unit sales by quarter (for 2024) are projected as follows: The selling price is $845 per unit. All sales are credit sales. Volcano collects 75% of all sales withic the quarter in which they are realized; the other 25% is collected in the following quarter. There are no bad debts c. There afe 1,880 units in beginning inventory of finithed goods. Volcano is planning the following coding finished goods inventorics for each quarter. A. Hach mass-storage unit ases 7.50 houns of direct labor and 5.50 units of direct materials. Laborers are paid $20.69 per bour, and one unit of direct materials costs $8695. c. Aritie end or each quarter, Voleano plans to have 22.77% of the diroct materials nooded for next qoarter's production needs. Volcano will end the year with the same amount of direct tnaterials found in the year's beginning inventory. Exercise 1) Using the template provided to you, create a sales budget, production budget, direct materials purchases bodget, and direct labor budect, Only rows that say [2D should have 2 decimal places. All other numbers should be rounded to the neareat unit or dollar amount (i.e., no decimals); Volcano Company is a higb-technology organization that produces a mass-storage system. The units Volcano produces combine positive features of both compact and hard disks. The company is completing its fiet yeat of opentions and fs preparing to bulld its master budget for the coming yey (2024). The bud get will detail each quarter's activity and the activity for the year in total. The master bodget will be based on the following information: 2. Fonrth-guarter +ales for 2023 mere 55,000 units. b. Unit sales by quarter (for 2024) are projected as follows: The selling price is $845 per unit. All sales are credit sales. Volcano collects 75% of all sales withic the quarter in which they are realized; the other 25% is collected in the following quarter. There are no bad debts c. There afe 1,880 units in beginning inventory of finithed goods. Volcano is planning the following coding finished goods inventorics for each quarter. A. Hach mass-storage unit ases 7.50 houns of direct labor and 5.50 units of direct materials. Laborers are paid $20.69 per bour, and one unit of direct materials costs $8695. c. Aritie end or each quarter, Voleano plans to have 22.77% of the diroct materials nooded for next qoarter's production needs. Volcano will end the year with the same amount of direct tnaterials found in the year's beginning inventory