Guidance Corp is preparing its Master Budget for 20XX. You need to prepare Guidance's Direct Materials Budget and Schedule of Cash Disbursements for Materials Purchases on the excel template provided. The given information below is already input into the spreadsheet. REQUIRED 1. PREPARE A DIRECT MATERIALS BUDGET (7 POINTS) Prepare the Direct Materials Budget for the first three months of Guidance's fiscal year (January, February, and March), along with the full quarter. Relevant information - Required Production January =90,000 units - February =70,000 units March =125,000 units April =130,000 units - Pounds of materials needed per unit =3 pounds - Beginning raw materials inventory on January 1,20XX=50,000 pounds. - Percentage of the following month's production used to determine desired ending inventory =20% - Raw materials cost per pound =$2.5 per pound 2. PREPARE A SCHEDULE OF CASH PAYMENTS FOR RAW MATERIALS (8 POINTS) Prepare the Schedule of Cash Payments for the first three months of Guidance's fiscal year (January, February, and March) and for the quarter, using the template in the Excel spreadsheet. HINT: cost of raw materials that Guidance is paying for comes from the last line of your direct materials budget. - Guidance's payment schedule: - 20% of purchases are paid for in the month of purchase - 65% are paid for in the month after purchase - 15% are paid for in the second month after purchase - Beginning accounts payable =$600,000. Assume 75% of the accounts payable will be paid in January and 25% in February. Check Figures Because this problem has several areas that frequently pose problems for students, check figures are provided to give vou feedback as to whether vour budget/schedule has errors