Part 1 (15 marks) Developing your own Profit Planning Model for Sensitivity AnalysisPracticing What you Learnt! Chapter 3: CVP Analysis - Microsoft Excel Modelling Textbook: Managerial Accounting by Garrison, Libby and Webb, McGrawhill 2021. 12 th Edition. For the Profit Planning (CVP Analysis) problem from your textbook (see Problem 4-18) listed below, you are required to develop a Microsoft Excel based Profit Planning model. Instructions: - In the Excel spreadsheet keep the problem data separate in total and per unit basis in one section of the spreadsheet. - Then link the data using Excel formulas to answer questions 1 to 5 . - Then change the data section as per question 6 . If properly done, then the new answers to question 1 to 5 will be automatically computed. You don't need to recreate again. - Print both original answers question 1 to 5 and the sensitivity output modified as per question 6 (new answers to question 1 to 5 ). For grading. - DO NOT email the EXCEL Spreadsheet. 2 Microsoft Excel Modelling Assignment. The following data relate to Feather Friends Inc. PROBLEM 4-18 Cost-Volume-Profit Analysis; Degree of Operating Leverage [LO1, LO3, LO4, LO5, LO8] Feather Friends Inc. distributes a high-quality wooden birdhouse that sells for $20 per unit. Variable expenses are $8 per unit, and fixed expenses total $180,000 per year. Its operating results for last year were as follows: Required: Answer the following independent questions: 1. What is the product's CM ratio? 2. Use the CM ratio to determine the break-even point in sales dollars. 3. Assume this year's total sales increase by $75,000. If the fixed expenses do not change, how much will operating income increase? 4. Assuming that the operating results for last year were as above: a. Compate the degree of operating leverage based on last year's sales. b. The president expects sales to increase by 20% next year. Using the degree of operating leverage from last year, what percentage increase in operating income will the company realize this year? Calculate the ollar increase in operating income. 5. The sales manager is convinced that a 10% reduction in the selling price, combined with a $30,000 increase in advertising, would increase this year's unit sales by 25%. If the sales manager is right, what would be this year's operating income if his ideas are implemented? Do you recommend implementing the sales marager's suggestions? Why