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In the Excel 7 assignment you will be assisting a candle manufacturer prepare their annual budget. All information needed is contained in the excel assignment. Use cell references and formulas in all possible places. Use consistent formatting (i.e. commas, $ signs, decimal places). Format dollars using a $ sign and number of units using commas. Reference the Excel Rubric for additional details. Please let me know if you have any questions. Thank you! Bloom Candles 2022 Operating Budget Bloom Candles expects to sell 18,000 units in January 2022,30,000 units in February, 22,000 units in March. The company expects units sold to increase by 5% each month after March for the remainder of 2022. The expected sales price is $23 per candle from January to September. The company plans to increase the sales price entering the holiday season to $29 from October to December 2022. Create a sales budget. 2022 Sales Budget July Jan Feb Mar Q1 Total April May June Q2 Total August September Q3 Total October November December Q4 Total Annual 2022 Sales Budget Budgeted units to be sold Sales price per unit Total Sales $ $ $ $ $ Bloom Candles' expected units sold per month is given above. The company expects the cost per unit to be $16 for the first half of the year due to recent supply chain issues. They expect the supply chain issues to be resolved in the second half of the year decreasing the cost per unit to $12. Create a COGS budget. 2022 Cost of Goods Sold Budget Q2 Total July Aug Jan Feb Mar Q1 Total April May June Sept Q3 Total Oct Nov Dec Q4 Total Annual 2022 $ $ $ $ $ $ Cost of Goods Sold Budget Beginning Finished Goods Inventory (Zero) Units produced and sold in 2022 Cost per unit Units per month Total cost of units produced and sold in 2022 Total budgeted cost of goods sold $ $ $ $ $ $ $ $ Bloom's variable supplies expense per month is $2.00 per unit. The fixed selling and administrative expenses per month consist of: Q1 2022 Monthy Expenses: Salaries: $85,000; Advertising: $20,000; and Depreciation: $8,000 Q2 2022 Monthly Expenses: Salaries: $85,000; Advertising: $25,000; and Depreciation: $8,000 Q3 2022 Monthly Expenses: Salaries: $125,000; Advertising: $25,000; and Depreciation: $8,000 Q4 2022 Monthly Expenses: Salaries: $125,000; Advertising: $25,000; and Depreciation: $8,000 Create a selling and administrative expense budget. 2022 SG&A Expense Budget Q2 Total Jul Aug Jan Feb Mar Q1 Total Apr May Jun Sep Q3 Total Oct Dec Q4 Total Annual 2022 $ $ $ $ $ Selling and Administrative Expense Budget Salaries expense Advertising/Marketing expense Depreciation expense Supplies expense Total budgeted S&A expense $ $ $ $ $ Budgeted Net Operating Income/(Loss) $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $