please answer the entire project in 10 hours.

ACT202 Project Guideline based on Master Budget (Chapter -8) Fall 2021 Imagine, you are planning to start a new small, home-based business. You are going to make and sell a single food item. What is the food item that your business will sell? Assumptions: You are starting your business next month, so currently you have no beginning inventory of finished goods or raw materials. Also, there is no beginning balance for accounts payable or accounts receivable. Since the business is very small and home-based, there is no direct labor cost for your business. Labor wage (if any) is assumed to be fixed and part of MOH. All the manufacturing costs you incur for your business fall under any one of the two categories: direct material (DM) or MOH. (Remember indirect material is part of MOH) To calculate the DM cost for your product, find out a simple recipe for the product you are planning to sell. You MUST NOT visit any physical store to collect any data. All information must be collected from the internet. If you can't find any information you need on the internet, make reasonable guesses. For each of your direct materials fill out the following table. Make more copies of the table if necessary. You need to have a separate table for each direct material. Direct Material 1: Direct material item name Quantity required for each unit of product Desired ending inventory as a percentage of following month's production requirement Price per unit of direct material Direct Material 2: Direct Material Name Quantity Required for Each Unit of Product Desired Ending Inventory as a Percentage of Following Month's Production Requirement Price Per Unit of Direct Material Direct Material 3: Direct Material Name Quantity Required for Each Unit of Product Desired Ending Inventory as a Percentage of Following Month's Production Requirement Price Per Unit of Direct Material Based on the recipe and information you have collected from the internet, calculate the total direct material cost for making one unit of your product. Now, we will calculate MOH costs for your business. Remember, Total MOH = Variable MOH + Fixed MOH. Assume, indirect materials are the only thing included in your variable MOH. Identify some indirect materials for your product, and assume a rate of variable MOH cost for each unit of product. You do not have to make any budget for indirect material. The variable MOH rate you have assumed in the previous table will be used for preparing the MOH budget. Since depreciation is part of fixed MOH, we will now calculate depreciation expenses. To calculate depreciation expense, first, identify the equipment you will need to make your product. Next, find the cost(s) of the equipment from the internet. Then, make estimation(s) about useful life. Finally, calculate the depreciation expense per month using a straight-line depreciation method. Show your calculations in the following table. Add more rows to the table if necessary. Equipment Name Cost Useful Life Depreciation Expense Write down the total depreciation expense included in fixed MOH based on your calculations in the last table. All the equipment you have identified above will be purchased in the first month of your business, i.e. in January 2022. Identify all other monthly fixed MOH expenses for your business. Remember, it is a small, home-based business so you do not have to make many complicated assumptions. You have already calculated depreciation expense in the above table. List all fixed expenses, including depreciation expense calculated above, in the following table. Add more rows to the table as necessary. Fixed MOH Expense Item Name Fixed Expense Per Month Write down the total fixed MOH expense, including depreciation expense, based on the list you have prepared in the last table. Remember, Total selling and administrative (Sn A) expense = Variable Selling and Administrative expenses + Fixed Selling and Administrative expenses Your variable Sn'A expense consists of only two items - delivery expense per unit and packaging cost per unit. Write your estimations about delivery expense per unit and packaging cost per unit in the following table. Also, add the two numbers to calculate the total variable SnA expense for each unit of product. Your fixed advertising expense consists of only one item - Facebook/social media advertising expense. Write your estimation about your monthly advertising expense. This is your total fixed Sn A expense per month. Calculate your total variable expenses for each unit of a product by adding the direct material cost per unit, variable MOH rate per unit, and variable Sn'A expense per unit of product. Calculate your selling price per unit by charging a 200% mark-up on per unit variable expense. Now, we will make some estimations about the number of units of product your business expects to sell over the next 12 months. Fill out the following table about sales estimates. Month Estimated Units of Product Sold January February March April May June July August September October November December Assume all sales will be in cash and you will collect 100% of the revenue. Since you are going to sell a food item, no ending inventory of finished goods will be maintained. Each unit will be manufactured after an order is received. All purchases for all direct materials are made fully in cash. You want to draw a dividend/drawings of BDT 20,000 every month as the sole owner of your business. (This is your dividend/drawings, you will not use this money for operating your business.) At the end of each month, you want to have at least BDT 50,000 cash available for operating your business. You will start the business with a cash investment of BDT 500,000. You can borrow up to BDT 200,000 from your best friend to invest in your business. You may repay any borrowed amount, even if you have sufficient cash available, any time during the next year. Requirements: Based on the assumptions you have formed above, prepare a Master Budget consisting of the following components in the Google Sheet attached to this assignment. 1. Sales Budget [No schedule of cash collection will be needed as all sales are on cash.] 2. Direct Material Budget(s) [Make a separate budget for each direct material. No schedule of cash disbursements for direct material will be necessary as all purchases will be made in cash.) 3. MOH Budget 4. Selling and Administrative Expense Budget 5. Cash Budget Note: You will not need any production budget since units sold = units produced every month. Thus, the sales estimates you have formed above will also be used as the number of units produced in the Master Budget Your budget must be prepared as demonstrated in class. First input your assumptions in the table, and then prepare a fully linked Master Budget making use of cell referencing and automated formulas for calculations. To do list: Each group needs to choose a different product for the project. Your project should have a cover page and title page. Each group will submit their assumptions, per unit costs as formatted above, and budget in excel which should be fully linked. No limitation of page. Integrity Policy: A zero-tolerance policy will be adopted for any plagiarism. If any group is found guilty of any kind of plagiarism, the group as a whole will get "0" and further steps would be taken according to the NSU plagiarism policy. If you have any complaints regarding any of the group members you are advised to notify me as soon as possible and of course before submitting the group project