Please create a Summary Cash Budget on Microsoft Excel with formulas from the following information:

I-Frame Inc. manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear feet of bamboo, which costs $2.00 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $14 per hour. I-Frame has the following inventory policies:

• Ending finished goods inventory should be 40% of next months sales.
• Ending direct materials inventory should be 30% of next months production.

Expected unit sales (frames) for the upcoming months follow:

Expected Sales	Units
March	330
April	360
May	410
June	510
July	485
August	535

Variable manufacturing overhead is incurred at a rate of $0.40 per unit produced. Annual fixed manufacturing overhead is estimated to be $8,400 ($700 per month) for expected production of 4,000 units for the year. Selling and administrative expenses are estimated at $750 per month plus $0.50 per unit sold.

Of its sales, 80% is in cash and 20% is on credit. Of the credit sales, 50% is collected during the same month of the sale, and 50% is collected during the month following the sale.

Of direct materials purchases, 80% is paid for during the month purchased and 20% is paid in the following month. Direct materials purchases for March 1 totaled $2,800. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $260 in depreciation. During April, I-Frame plans to pay $2,500 for a piece of equipment.

I-Frame had $13,500 cash on hand on April 1. Assume the company can borrow interest-free in increments of $1,000 to maintain a $13,000 minimum ending cash balance. Repayments are made in the following month, assuming sufficient cash is available. (For example, if you need $4,300 at the end of April to meet your desired ending cash balance, you would borrow $5,000 in April, and repay the $5,000 in May).