Exercise 2: A First Excel Assignment Suppose a firm has the following situation: Product Price/umit Unit volume/year Cost of goods sold/unit 1 $125 8,400 $62 2 $345 4200 $188 Furthermore, Sales commissions are 3% of sales. Other operating expenses are $245,000. General and administrative expenses are $387,000. Interest expenses are $112,000. Income taxes are 46% of taxable income. Using these assumptions, prepare a pro forma income statement in Excel in the following format: Docx XOOOX OXX 000 XXXX XOOX Gross sales less: Commissions Net sales less: Cost of goods sold Gross profit Total gross profit less: Other operating expenses General & administrative Interest expenses Income before taxes less: Income taxes Net income XOX XXXX XOOXX Each of the following questions represents its own deviation from the base case. (.e., the questions are not cumulative): 1. What happens to net income if for product 1 the price is increased to $150 and the volume is decreased to 6,500 units? 2. What happens to net income if General & administrative becomes 20% of gross sales? 3. What happens to net income if Cost of goods sold on both products increases by 10%? 4 If the unit volume for product. 2 is always half of the unit volume for nraduct 1 what