Please solve in excel and show calculations.

From the information provided prepare the following monthly schedules/statements for the first quarter of 2024 in Excel. The Excel workbook will include the following tabs, all cells except for initial data entry will contain a formula or reference the appropriate cell: 1) Preliminary Budgets will include the following schedules by month and quarter totals. a. Production Budget b. Raw Materials Budget for each raw material c. Raw Materials Purchases budget d. Cost of Goods Manufactured Schedule 2) Pro-forma Cash Forecast with a column for each month 3) Pro-forma Income Statement with a column for each month. 4) Pro Forma Balance Sheet with a column for the last day of each month. 5) Amortization Schedule for Capital Lease 6) Depreciation Schedule Make sure to include the appropriate headers on the Income Statement, Cash Forecast, and Balance Sheet as you will be providing these to the bank officer who is evaluating your operating line increase. a. Projected sales in units are as follows: b. The company had 400 GPS systems in their Finished Goods warehouse on December 31, 2023. c. WIP Inventory is 0 at the end of each month. d. At the start of each month the management plans to have 45 days ( 1 and 1/2 months) of direct materials on hand. Each packet of direct material costs $60.00. The company will have 1,400 units on hand on December 31, 2023 (all purchased during December). e. The company wants to have at least 40% of next months projected sales in ending finished goods inventory each month. f. Six hours of direct labor are required to assemble each device. The direct labor cost (including fringe benefits) is $30.00 per hour. g. Manufacturing overhead is 35% of direct labor cost. h. Devices are sold at 100% markup on cost. i. Direct materials purchases are paid for on the 10th day of the month following month of purchases. j. Manufacturing overhead is paid 20% in cash with the balance paid in 30 days. k. Wages earned by employees during the first half of each month are paid on the 25 th with the remainder paid on the 10th of the following month. Assume that workforce is stable each month (hence, wages and salaries are the same every day of the month). 1. On February 1, 2024, the company acquires equipment and is going to finance 100% of it through a capital lease. Life of the equipment is 48 months with no salvage value. Capital lease payments are $10,000 per month including an imputed interest component. Your cost of capital is 8%. Use this rate to calculate the present value of the cash payments and the present value of the lease principal as of February 1,2024. The first payment is due on February 1, 2024. n. Selling commissions are 15% of sales price. These are paid on the 15th day of the month following month of sale. o. Administrative salaries and fringe benefits are $70,000 per month payable on schedule outlined in (k) above. p. Rent is $12,000 per month payable on the first day of each month. q. On March 1, 2024 the Company will pay a $25,000 insurance premium for the following 6 months of coverage. The premium amount has not changed from the prior year. r. Other general and administrative expenses are estimated to be 15% of sales. They are paid in the month after they are incurred. s. The company has a $500,000 line of credit secured by inventory and accounts receivable. Borrowing against this line must be in increments of $20,000. Interest is 12% per annum and is payable on the 1st day of the month following the borrowing. Assume all borrowing occurs on the 15th day of the month. Repayments must also occur in $20,000 increments on the 15th day of the month. t. All sales are on account and are collected 20% in month of sale, 70% in next month and all but 2% of the balance in the following month. 2% of sales on account are typically uncollectible. u. Income tax rate is 21%. Taxes accrue on each month's income and are paid in arrears on January 15 , Apr 15, Jul 15 and Oct 15 for the preceding quarter. Taxes due on January 15 for the previous quarter are $20,000. Note: Any expected losses create tax benefits that can be used in reduce taxes paid in future quarters. v. Beginning cash balance on January 1,2024 is projected to be $185,000. The company borrows from the line of credit if the cash balance is forecasted to fall below $100,000