Purpose: The purpose of this group project is to get you to work virtually with others in a group and secondly, be able to compile a Master Budget taking the sales forecasted right through to a budgeted Balance Sheet. Requirements: 1. The project is a group work and the course project value is 20% of the final mark, your first step is to choose your group. 2. Each group has to choose a group leader from the group members. 3. Each group member has to search and prepare one page for the responsibilities of the group member and to submit the file in the submission folder. 4. Each group leader has to search and prepare one page for the responsibilities of the group leader, and to submit the file in the submission folder. 5. Each group has to submit a detailed plan for the group project including the jobs, time, and responsibilities of each group member. 6. Each group has to meet virtually on a weekly base and the group leader has to submit a weekly follow-up report for the group work. 7. It is your responsibility to contact your group members, group leader, and to join the project work. 8. The grades will be given only to students who join the group work. 9. Not contacting the group or contacting your group after they complete the project, will result in zero in your project activity. 10. No Late submission. 11. Ensure you save the Excel file with a new file name, which must include your Group number 12. Ensure you have substituted the numbers emailed to you and your group (i.e. A to L) into your student Group Project, posted under Group Project in the content of FOL. 13. Complete all the spreadsheets in the group project as listed below; The Package is to include the following budgets; a. Sales budget for each quarter b. Production budget for each quarter c. Purchasing Budget for each quarter d. Direct labour budget for each quarter e. Manufacturing overhead budget for each quarter f. Selling and Administration budget g. Worksheets for Collections and Disbursements h. Budgeted Income Statement i. CVP Income Statement j. Budgeted Cash Statement k. Budgeted Balance Sheet