Please show the formula page and completed budgets

For the first quarter of 2020, do the following. (a) Prepare a sales budget. This is similar to Illustration 22-3 of your textbook. (b) Prepare a production budget. This is similar to Illustration 22-5 of your textbook. (c) Prepare a direct materials budget. (Round to nearest dollar) This is similar to Illustration 22-9 of your textbook. (d) Prepare a direct labor budget. (For calculations, round to the nearest hour.) This is similar to illustration 22-11 of your textbook. (e) Prepare a manufacturing overhead budget. (Round intermediate amounts to the nearest dollar.) This is similar to Illustration 22-12 of your textbook. Rules: * Use Excel's functionality to your benefit. Points are lost for lack of formula. * Use proper formats for schedules, following the referenced textbook examples. * Use dollar-signs and underscores where appropriate. * Double-check your work! Verify your formula and logic! Sales Information Period November December January February March April May Unit selling price Units 120,000 Actual 107,000 Actual 118,000 Planned 119,000 Planned 122,000 Planned 131,000 Planned 144,000 Planned 13.00 $ Finished Goods Inventory Planning The company likes to keep 10% of the next month's unit sales in finished goods ending inventory. 100% Accounts Receivable & Collections Sales on Account Collections Activity Month of Sale Month after Sale Balance at 12/31/19 90% 10% 185,000.00 $ Materials Inventory Costs & Planning Direct Materials Amount Used per Unit Cost Metal 2 lb $ 1.00 lb The company likes to keep 5% of the material needed for the next month's production in raw materials ending inventory. 100% Accounts Payable & Disbursements Purchases on Account Payment Activity Month of Purchase Month after Purchase Balance at 12/31/19 60% 40% $ 120,000 Direct Labor & Costs Time per Unit Production Pay Rate/Hour 12 minutes 8.00 $ 0.30 0.50 0.45 0.25 Manufacturing Overhead Costs Variable costs per direct labor hour Indirect materials Indirect labor Utilities Maintenance Fixed costs per month Salaries Depreciation Property taxes Insurance Janitorial 42,000 16,800 2,675 1,200 1,300 $ 1.60 Selling and Administrative Costs Variable costs per unit sold Fixed costs per month Advertising Insurance Salaries Depreciation Other fixed costs 15,000 14,000 72,000 25,000 3,000 Income Taxes Accrued on Monthly Net Income Amounts Accrued Q4 2019, paid January 2020 40% rounded to nearest dollar 200,000 $ Cash and Financing Matters Cash Balance, 12/31/2019 2020 Minimum Balance Required $ 100,000 792,000 $ Monthly Dividends Outstanding Shares 2.75 per share 5,000 Line of Credit Limit None Borrowing Increment Required $ 1,000 Interest Rate Draws First of Month Repayments Last of Month Interest accumulates to the loan balance and is paid in full with each repayment. 9% Additional Item Fixed Asset Purchase Month $ 495,000 February