Individual project: Budgetary Planning Project Managerial accountants and the budget committee for the ABC corporation is meeting in November to prepare the 2019 budget. Your task, as a member of the budget committee, is to prepare the 2019 budget given the following data: Sales: The company expects to sell Q1: 40,000; Q2: 30,000; Q3: 60,000 and Q4: 50,000 units. The selling price per unit is expected to be $50 in the first three quarters, but only $40 per unit in Q4 because substantial competition is expected beginning in Q4 of 2019. Sales are expected to be 40,000 units in Q1 of 2020 . The company wants to maintain ending finished goods inventory at 25% of the next quarter's expected unit sales. opening inventory as in beginning direct material 18,750. Each unit of final goods produced requires 1.5 hours of direct labor time at $12 per hour. Variable overhead costs are calculated per unit of direct labor hours as follows: indirect labor \$0.2, indirect materials $0.1, maintenance $0.5. annual fixed overhead costs are: supervisory salaries $200,000, maintenance $60,000, depreciation $80,000. They are allocated equally across quarters. Direct raw material requirements are 5 kilograms per unit of output produced and the cost is $1.5 per kilogram of materials. At the end of each quarter, the company maintains 109 of the next quarter's raw materials needs. Instructions: Prepare the following budgets by quarter for the year 2019: [Use the format shown in the textbook to prepare each quarter's budget. Your work and calculations MUST be done using a Microsoft excel spreadsheet.] (a) Sales budget (b) Production budget (c) Direct materials budget (d) Direct labor budget (e) Manufacturing overhead budget