please show calculations too if you can. thank you!

Parachute Makers Company manufactures and sells parachutes to sports enthusiasts. The company's sales forecast for the coming year follows: Other budgeted information follows: Quarter 3 Quarter 4 Budgeted sales (units) 21,000 50,000 Where XXthe 4th and 5th digits of your student ID, YY digits 6 & 7 of your student ID, ZZ- digits 8 & 9. (Note: if XX, YY, or ZZ is 00, substitute 99). . Quarter 1 24,000 . . Quarter 2 21,000 The budgeted sales price for each parachute is $1,000 The company budgets production so that ending finished goods inventory equals 10% of the next quarter's budgeted sales Each parachute requires 20 square yards of a specialty material that costs $15 per square yard The company purchases raw materials so that 10% of each quarter's production needs are left over at the end of the quarter to be used as beginning inventory in the next quarter. At the beginning of the first quarter, 70,000 square yards of material were on hand. Each parachute requires 15 hours of direct labor at a rate of $12 per hour. . Manufacturing overhead costs are budgeted at $1 million per quarter plus $50 per unit. Selling and administrative expenses are budgeted at $500,000 per quarter plus 10% of total sales revenue. . P **** wwwwww Required: Prepare an Excel spreadsheet using formulas to prepare the following budgets. Entering numbers without formulas will result in the loss of points in each cell that is affected. Tie each budget to the previous budget through the use of formulas. If one cell changes, other cells should also change. Do NOT use separate tabs. Show all your work on ONE page of the spreadsheet. Submit the spreadsheet by posting it on BlackBoard. 1. Sales budget 2. Production budget 3. Raw materials purchases budget 4. Direct labor budget 5. Manufacturing overhead budget 6. Selling and administrative expense budget Prepare the following operating budgets for quarters 1-3. (You do not have enough information to prepare all of the budgets for quarter 4.) 13 4 5 6 7 B Total Sales Unit 9 Sales Price per Unit 10 Total Sales Revenue 11 12 13 Beginning Inventory 14 Total Sales Unit 15 Ending Inventory 16 Total Production in Units 17 Budgeted Sales (units) 1. Sales Budget 2. Production Budget 3. Raw Materials Purchaces Budget 18 19 Beginning Raw Materials 20 SQ Yard Required for each Unit 21 Total Production in Units 22 Ending Production Units 23 Total Production in Units +Ending Inventory Required 24 Total Raw Material Required in SQ Yards 25 Total Purchases of Raw Materials 26 Purchase Price per SQ Yard 27 Total Purchase Price of Raw Materials 28 29 30 Total Production in Units 31 Hours Required in each Parachute 32 Total Hours Required 33 Labor Rate per Hour 34 Total Labor Cost 35 36 37 Total Production in Units 38 Variable Manufacturing Overhead per Unit 39 Total Variable Manufacturing Overhead 40 Fixed Manufacturing Overhead 41 Total Manufacturing Overhead 42 43 44 Total Sales Revenue 45 Variable Selling and Admin. Expense 4. Direct Labor Budget 5. Manufacturing Overhead Budget 6. Selling and Admin. Expense Budget 46 Fixed Selling and Admin. Expense 47 Total Selling and Admin. Expense AR Quarter 1 24,000 Quarter 1 24,000 1,000 24000000 Quarter 1 0 24,000 2100 26,100 Quarter 1 70000 20 26,100 2610 28,710 28,710 Quarter 1 Quarter 1 Quarter 1 Quarter 2 21,000 Quarter 2 21,000 1,000 21000000 Quarter 2 2100 21,000 2100 21,000 Quarter 2 Quarter 2 Quarter 2 Quarter 2 Quarter 3 21,000 Quarter 3 21,000 1,000 21000000 Quarter 3 2100 21,000 5000 23,900 Quarter 3 Quarter 3 Quarter 3 Quarter 3 Quarter 4 50,000 Quarter 4 50,000 1,000 50000000 Quarter 4 5000 50,000 Quarter 4 Quarter 4 Quarter 4 Quarter 4