Input answers in the budget format excel spreadsheet provided above please and thank you.

CURRENT DESIGNS Diane Buswell is preparing the 2021 budget for one of Current Designs' kayaks. Extensive meetings with members of the sales department and executive team have resulted in the following unit sales projections for 2021. Quarter 1 1,000 kayaks Quarter 2 1,500 kayaks Quarter 3 750 kayaks Quarter 4 750 kayaks Current Designs' policy is to have finished goods ending inventory in a quarter equal to 20% of the next quarter's anticipated sales. Preliminary sales projections for 2022 are 1,100 units for the first quarter and 1,500 units for the second quarter. Ending inventory of finished goods at December 31, 2020, was 200 kayaks. Production of each kayak requires 54 pounds of polyethylene powder and a finishing kit (rope, seat, hardware, etc.). Company policy is that the ending inventory of polyethylene powder should be 25% of the amount needed for production in the next quarter. Assume that the ending inventory of polyethylene powder on December 31, 2019, is 19,400 pounds, and the desired ending inventory for December 31, 2021 is 15,930. The finishing kits can be assembled as they are needed. As a result, Current Designs does not maintain a significant inventory of the finishing kits. The polyethylene powder used in these kayaks costs $1.50 per pound, and the finishing kits cost $170 per kayak. Production of a single kayak requires 2 hours of time by more experienced, type I employees. The type I employees are paid $15 per hour. Selling and administrative expenses for this line are expected to be $45 per unit sold plus $7,500 per quarter. Manufacturing overhead is assigned at 150% of labor costs. Instructions: 1. You must complete your budgets in one excel file and can include the use of tabs. 2. You may work with others but you must complete and submit your own budgets in Excel. 3. Submit your own Excel file in Canvas. 4. Determine a sales price for your kayaks that you feel is reasonable and a short explanation on this decision, then using the sales projections and other budgets, prepare the following: a. Sales Budget (You as a manager will choose the sales price you think will be best. You can change this after you put your other budgets together as well. Please explain somewhere in your project how or why you chose your sales price) b. Production budget c. Direct materials budget d. Direct labor budget e. Manufacturing overhead budget f. Selling and administrative budget for this product line by quarter and in total for 2021. Chapter 22: Using Excel to Make Decisions at Current Designs Data Budgeted unit sales Quarter 1, 2021 Quarter 2, 2021 Quarter 3, 2021 Quarter 4, 2021 Quarter 1, 2022 Quarter 2, 2022 1,000 1,500 750 750 1,100 1,500 Desired finished goods ending inventory Desired ending inventory of polyethylene powder 20% of next month's sales 25% of next month's production Estimated inventories Finished goods inventory at Dec 31, 2020 Polyethylene powder at Dec 31, 2020 Polyethylene powder at Dec 31, 2021 200 kayaks 19,400 pounds 15,930 pounds Production requirements Polyethylene powder Finishing kit Type I employees labor time 54 pounds 1 kit 2 hours Manufacturing overhead 150% of direct labor costs Cost of polyethylene powder Cost of finishing kits Labor rate of type I employees $ 1.50 per pound $ 170.00 per kit $ 15.00 per hour Selling and administrative expenses Selling and administrative expenses $ $ 45.00 per unit sold 7,500 per quarter Required Follow the step-by-step directions (in Word document) to prepare selected budgets for Current Designs. E F G Quarter 3 750 Quarter 4 750 Total 4,000 * In The $ $ $ A B C D 38 CUSTOM DESIGNS 39 Sales Budget 70 For the Year Ending December 31, 2021 71 Quarter 1 Quarter 2 #2 Expected unit sales (see projections) 1,000 1,500 Sales Price Per Kayak (set by you, the manager... set a price you think will 13 help you cover all of your costs for the period) Total Sales Dollars for the Quarter (expected unit sales x sales price per 24 kayak) $ $ 25 76 7 CUSTOM DESIGNS 78 Production Budget 49 For the Year Ending December 31, 2021 50 Quarter 1 Quarter 2 51 Expected unit sales (see projections) 1,000 1,500 52 Add: Desired ending finished goods units (20% of next quarters sales) 300 150 53 Total required units to have on hand 1,300 1,650 54 Less: Beginning finished goods units (what we'll already have) 200 300 55 Required production units 1,100 1,350 56 57 CUSTOM DESIGNS 58 Direct Materials Budget 59 For the Year Ending December 31, 2021 50 Quarter 1 Quarter 2 31 Required units to be produced (from ending production budget) 52 Pounds of polyethylene powder per unit Quarter 3 Quarter 4 750 750 Total 4,000 Quarter 3 Quarter 4 Total 3 Total pounds needed for production (units to be produced x pounds per unit) Add: Desired ending powder inventory (25% of next quarters amount needed 54 for production) 85 Total pounds of powder (pounds needed for production + desired EI) 86 Less: Beginning inventory of powder (see document for Q1) 37 Pounds of polyethylene powder to be purchased 58 Cost per pound 89 Cost of powder to be purchased (Pounds to be purchased x cost per pound) F0 Finishing kits required per unit -1 Cost of finishing kits per unit 2 Cost of required finishing kits (units to be produced x cost per kit) 13 Total costs for direct materials (total cost of powder + total cost of kits) Quarter 3 Quarter 4 Total 4 CUSTOM DESIGNS Direct Labor Budget For the Year Ending December 31, 2021 Quarter 1 Quarter 2 Required units to be produced (from production budget) Hours of type I labor per kayak 1 Total number of type I labor hours (units x hours) 2 Hourly rate of type I labor 3 Total cost for direct labor (total number of hours x rate per hour) 4. Quarter 3 Quarter 4 Total CUSTOM DESIGNS 7 Manufacturing Overhead Budget B For the Year Ending December 31, 2021 Quarter 1 Quarter 2 Total direct labor costs (from Direct Labor Budget) 1 Manufacturing overhead rate 2 Manufacturing overhead cost (costs x rate) 3 4 CUSTOM DESIGNS 5 Selling and Administrative Expense Budget 5 For the Year Ending December 31, 2021 Quarter 1 Quarter 2 3. Expected unit sales (see projections) Variable selling and administrative cost per unit Quarter 3 Quarter 4 Total 0 Total variable selling and administrative cost (unit sales x var. cost per unit) =1 2 Fixed selling and administrative costs 3 Total selling and administrative costs (variable + fixed) 4