If Possible please use formulas to guide, Thank you!

For the first quarter of 2021, do the following. (a) Prepare a sales budget. This is similar to Illustration 22-3 on page 22-8 of your textbook. (b) Prepare a production budget. This is similar to illustration 22-5 on page 22-10 of your textbook. (c) Prepare a direct materials budget. (Round to nearest dollar) This is similar to illustration 22-9 on page 22-11 of your textbook. (d) Prepare a direct labor budget. (For calculations, round to the nearest hour.) This is similar to illustration 22-11on page 22-14 of your textbook. (e) Prepare a manufacturing overhead budget. (Round intermediate amounts to the nearest dollar.) This is similar to illustration 22-12 on page 22-14 of your textbook. (9) Prepare a selling and administrative budget. This is similar to Illustration 22-13 on page 22-15 of your textbook. (e) Prepare a budgeted income statement. (Round intermediate calculations to the nearest dollar.) This is similar to Illustration 22-15 on page 22-16 of your textbook. (h) Prepare a cash budget. This is similar to Illustration 22-19 on page 22-19 of your textbook. (You will need to prepare schedules for expected collections from customers and expected payments to vendors first. See Illustrations 21-15 and 21-16 on pages 1031 & 1032 of your textbook for guidance. ) Additional Guidance can be found by examining the Soriano Company example worked in the online class recording. Rules: Use Excel's functionality to your benefit. Points are lost for lack of formula. Use proper formats for schedules, following the referenced textbook examples. * Use dollar-signs and underscores where appropriate. *Double-check your work! Verify your formula and logic! Grading Guidelines: Effective Use of Excel Facts, Logic Completeness Spelling, Punctuation, Value Format 40% 20% 30% 10% Serious Business, Inc. The company is preparing its budget for the coming year, 2021. The first step is to plan for the first quarter. The following information has been gathered from their managers. Units Sales Information Period November December January February March April May Unit selling price 108,000 Actual 97,000 Actual 106,000 Planned 107,000 Planned 109,000 Planned 119,000 Planned 130,000 Planned 12.00 Grading guidelines are on the instructions tab. $ Finished Goods Inventory Planning The company likes to keep 10% of the next month's unit sales in finished goods ending inventory. 100% Accounts Receivable & Collections Sales on Account Collections Activity Month of Sale Month after Sale Balance at 12/31/20 7596 25% 185,000.00 $ Materials Inventory Costs & Planning Direct Materials Metal Amount Used per Unit 2 lb Cost 1.00 lb $ The company likes to keep 5% of the material needed for the next month's production in raw materials ending inventory. Accounts Payable & Disbursements 100% Accounts Payable & Disbursements Purchases on Account Payment Activity Month of Purchase Month after Purchase Balance at 12/31/20 45% 55% 120,000 S Direct Labor & Costs Time per Unit Production Pay Rate/Hour 15 minutes 6.00 $ 0.20 0.40 0.45 0.25 Manufacturing Overhead Costs Variable costs per direct labor hour Indirect materials Indirect labor Utilities Maintenance Fixed costs per month Salaries Depreciation Property taxes Insurance Janitorial 42,000 16,800 2,675 1,200 1,300 Additional Item Fixed Asset Purchase Month $ 400,000 February