Read the case "Cravat Sales Company".Required: Prepare the following budgets and schedules for the second quarter $($April $-$June$)$using MS Excel. A Sales budget for April, May, and June.A cash collection budget $($from sales$)$for April, May, and June.A purchase budget $($inventory$)$in units and in dollars for April, May, and June.A cash payment budget $($for inventory$)$for April, May, and June.A selling and admin. $($operating$)$expenses budget for April, May, and June.A cash payment budget for selling and admin. $($operating$)$expenses for April, May, and June.A Cash budget for April, May, and June.There should be no manual input into the Output Section. All cells are to contain a formula.Don't forget the following characteristics of a good spreadsheetit worksit looks neat and is well$-$organizedit is efficient with as few keystrokes as possibleit is easy for an untrained user to enter new data and find the resultit has no spelling errorshere's the case$/$info:CRAVET SALES COMPANYYou have just been hired as a management trainee by Cravat Sales Company, a nationwide distributor of a designer's silk ties. The company has an exclusive franchise on the distribution of the ties, and sales have grown so rapidly over the last few years that it has become necessary to add new members to the management team. You have been given responsibility for all planning and budgeting. Your first assignment is to prepare a master budget for the next three months, starting April $1.$You are anxious to make a favourable impression on the president and have assembled the information below. The company desires a minimum ending cash balance each month of $$10,000.$ The ties are sold to retailers for $$8$each. Recent and forecasted sales in units are as follows: $[$January$($Actual$)20,000,$February$($Actual$)24,000,$March$($Actual$)28,000,$April $35,000,$May $45,000,$June $60,000,$July $40,000,$August $36,000,$September $32,000]$The large buildup in sales before and during June is due to Father's Day. Ending inventories are supposed to equal $90\%$ of the next month's sales in units. The ties cost the company $$5$ each. Purchases are paid for as follows: $50\%$ in the month of purchase and the remaining $50\%$ in the following month. All sales are on credit, with no discount, and payable within $15$ days. The company has found, however, that only $25\%$ of a month's sales is collected by month$-$end. An additional $50\%$ is collected in the following month, and the remaining $25\%$ is collected in the second month following sale. Bad debts have been negligible.The company's monthly selling and administrative expenses are given below:Variable:Sales commissions: $$1$ Per tieFixed:Wages and salaries: $$22,000$Utilities: $$14,000$Insurance: $$1200$Depreciation: $$1500$Miscellaneous: $$3000$All selling and administrative expenses are paid during the month, in cash, with the exception of depreciation and insurance expired. Land will be purchased during May for $$25,000$ cash. The company declares dividends of $$12,000$ each quarter, payable in the first month of the following quarter. The company's balance sheet at March $31$ is given below: Assets:Cash $$14,000$Accounts receivable $($$$48,000$ February sales;$$168,000$ March sales$)216,000$Inventory $(31,500$ units$)157,500$Prepaid insurance $14,400$Fixed assets, net of depreciation $172,700$Total assets $$574,600$The company has an agreement with a bank that allows it to borrow at the beginning of each month, up to a total loan balance of $$140,000.$ The interest rate on these loans is $1\%$ per month, and for simplicity, we will assume that interest is not compounded. At the end of the quarter, the company would pay the bank all of the accumulated interest on the loan and as much of the loan as possible, while still retaining at least $$10,000$ in cash.PLEASE FOLLOW INSTRUCTIONS DO IT IN EXCEL SPREADSHEET VERY CLEAR AND NEAT AND TITLE ALL THE WORK