Information for HorseyCom Budgets. Horseycom produces horse harnesses. The harnesses sales for the next 5 months are projected to be: January 15,000 February 25,000 March 24,000 April 21,000 May 25,000 The following information pertains to the budget assumptions. a. Finished goods inventory on January 1 is expected to be 5000 units. The desired ending FGI for any month (except for the Dec 31 inventory as noted previously) is expected to be 20% of the following month's sales. b. Data for materials used are: Part 033 Part A87 3 parts per harness $35.50 per part 2 parts per harness $15.00 per part Raw materials ending inventory is always budgeted to equal 20% of the following month's production needs. On March 31, the ending inventory of A87 is expected to be 18,000 parts and for D33 is expected to be 12,000 parts. Direct labor used per harness: Labor type hours per harness wara rate Leather worker 2.5 hours per harness $15 per hour. Assembler worker 2 hours per harness $10 per hour d. Overhead each month is estimated at: Please prepare the following budgets in an Excel spreadsheet for each month of the first quarter and for the quarter in total. The first five (light green highlighted) budgets are to be on one tab, separate from the original data, and the two (light blue highlighted) budgets are to be on a third, separate, tab. All budgets should be formulae and cell references: there should be NO Values directly keyed in any of your budgets. All the numbers in the cells should have algebraic formulae (eg use "sum" function), or the cells would have a cell reference to the data sheet (eg use "=data!cs" to refer to the January sales volume in the "data" tab). Good financial formatting for the budgets should be followed and will be graded. As well, making the budgets easy for the reader to read will also count toward the grade. DUE FRIDAY APRIL 23, midnight. PLACE YOUR SPREADSHEET SOLUTION IN THE HorseyCom Excel Project DROPBOX IN FOLIO. TO Be SURE: The data sheet is given to you. Please add two tabs. One for the green set of budgets below, and one tab for the blue set of budgets below. One additional tab for: 1. Sales budget 4. Direct labor budget 2. Production budget 5. Overhead budget 3. Direct materials purchases budget 6. Selling and Admin budget A second additional tab for: Cash Budget 8. Income Statement PLEASE HELP DO NOT KNOW HOW TO DO CASH BUDGET AND INCOME STATEMENT IF ABLE TO PLEASE HELP WITH ALL BUDGETS