Project Data 1-Frame Inc. manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 feet of bamboo, which costs $2.00 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $14 per hour. I-Frame has the following inventory policies: - Ending finished goods inventory should be 40% of next month's sales. - Ending direct materials inventory should be 30% of next month's production. Expected unit sales (frames) for the upcoming months follow: Variable manufacturing overhead is incurred at a rate of $0.40 per unit produced. Annual fixed manufacturing overhead is estimated to be $8,400 ( $700 per month) for expected production of 4.000 units for the year. The budgeted manufacturing cost per unit is $17.50. In addition, selling and administrative expenses are cstimated at $750 per month plus $0.50 per unit sold. Fits sales, 80% is in cash and 20% is on credit. Of the credit sales, 50% is collected during the same month of the sale, and 50% is collected during the month following the sale. Of direct materials purchases, 80% is paid for during the month purchased and 20% is paid in the following month. Direct materials purchases for March 1 totaled $2.800. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $260 in depreciation. During April, I-Frame plans to pay $2,500 for a piece of equipment. 1-Frame had $13,500 cash on hand on April 1. Assume the company can borrow interest-free in increments of $1,000 to maintain a $13,000 minimum ending cash balance. Repayments are made in the following month, assuming sufficient cash is available. (For example, if you need $4,300 at the end of April to meet your desired ending cash balance, you would borrow $5,000 in April, and repay the $5,000 in May). Required Enter the given data into Excel (start by setting up a "Given Information" section and input the data that will be used to complete your budgets). Then, complete the following 11 budgets for the months of April. May and June, including a summary column for the 2nd quarter. All budgets must be completed on the SAME sheet in Excel using proper formatting. formulas and cell references. If dataumbers come from the given information or from a previous budget, you must reference the cell as opposed to simply re-typing in the numbers. You should use formulas in Excel to perform all of your mathematical calculations. If you copy/paste budget numbers or manually type the numbers in, you will not receive points. All data should be labeled and work should flow logically to be able to be followed by someone not involved in the creation of the document. This means that all calculations should be explicitly laid out so I can follow the process. 1. Sales Budget; 2. Production Budget; 3. Direct Materials Budget; 4. Direct Labor Budget; 5. Manufacturing Overhead Budget: 6. COGS Budget; 7. Selling, General \& Administrative Expenses Budget; 8. Budgeted Income Statement; 9. Cash Receipts Budget: 10. Cash Payments Budget: 11. Summary Cash Budget