Please solve in terms of excel formulas, not just give numbers. MCO Leather manufactures leather purses. Each purse requires $3$ pounds of direct

materiaks at a cost of $$11$ per pound and $0\mathrm{.}7$ direct laber hours at a rate of $$15$ per hour.

Variable overtead is budgeted at a rate of $$7$ per direct labor hour. Budgeted fixed

overhead is $$11,500$ per month. The company's policy is to end each manth with direct

materials imentory equal to $35\%$ of the next month's direct materials requirement. At the

and of August the company had $10,290$ pounds of direct materials in imventory. The

company's production budget reports the following. $($Clikk on the Oirect Materials Budget,

Direct Labor Budget and Factory Overhead Budget Tabs below.$)$

$(1)$ Prepare direct materials budgets for September and October.

$(3)$ Prepare factory overhead budgets for September and October.