Operating Income 13,100,000 32.75% Income Tax 3,930,000 30.00% Net Income 9,170,000 22.93% Bicycles to sell to Breakeven 7,813Phase II Adapt your Budget Model so that most educated business professionals can use it. The idea is that you can give this budgeting tool to someone in Marketing, Operations, Human Resources, etc. and they could easily use it. Some Guidelines 1. Create separate section for all inputs and data entry item. Have users enter Number of Bicycles sold, Average Price, Cost of Labor is X% of Sales, etc. . It should be fairly easy for the user to make changes. For example, the use can change the average sales price of a bicycle from $2,500 to $3,000 or $2,000. Change Labor from 20% of Sales to 25% or 18%. 2. Create separate section for all output. . There should only be formulas in this section, referring to your data input section. For example, if you want to report Total Sales Revenue in cell K2, do NOT write =16000*2500. The reason NOT to do this is, the user may never see what is in cell K2. If the user wants to change the sales price to $3,000, they won't know they need to change cell K2. Additionally, if you are using your own Excel and you want to make that change, you may forget to change cell K2 to =16000*3000.Excel Class Exercise - Solution 2021 Budget Bicycles Sold 16,000 Average Price 2,500 Total Sales Revenue 40,000,000 Labor 8,000,000 20.00% Materials 4,000,000 10.00% Variable Overhead 2,400,000 6.00% Fixed Manufacturing Overhead 4,000,000 Gross Margin 21,600,000 54.00% Office Salaries 5,000,000 Office Lease Expense 2,000,000 Office Depreciation Expense 500,000 Advertising 1,000,000 Total Operating Expenses 8,500,000 21.25%