The budget performance report will consist of two submissions: 1) Excel spreadsheet submitted as a Microsoft Excel file 2) Written paper submitted as a Word or PDF file Below are instructions for each: ll Utilizing the financial information below for The Cookie Company, complete a budget performance report combining activity and revenue and spending variances like that in Exhibit 9-8 on page 462 of the textbook. Please be sure to include Favorable vs. Unfavorable indicators for each variance. The report must be created from scratch in Excel. Each student's report should be completely unique even if following similar formats. Formulas MUST be used for all calculations, and the final submission must be made in Excel to grade calculations properly. *Feel free to email me your Excel spreadsheet to check your calculations before starting the written paper. I am happy to offer feedback before continuing the project, and this will also help ensure a better final grade. After completing the spreadsheet, write a 12-page paper analyzing the variances and overall performance of the company. Be sure to highlight how different areas of business contribute to the overall success or failure of the business. Feel free to make up or assume additional information about the company that is not provided to support your evaluation, as long as it is consistent with the financial data. It is recommended to use 12-pt. font (Times New Roman, Calibri, or Arial) and be double-spaced with one-inch margins. The Cookie Company Income Statement For the Year Ended December 31, 2022 Budget Actual Information Results Quantity Sold 2,200 2,530 Sales $4.50q $ 10,400.00 Cost of Goods Sold Flour $0.18q 800.00 Sugar $0.22q 1,200.00 Oil $0.12q 600.00 Chocolate $0.50q 2,000.00 Egg $0.10q 750.00 Packaging/Supplies $0.19q 50.00 Gross Margin $ 4,200.00 Utilities $ 400.00 450.00 Insurance 100.00 100.00 Office Supplies S 100.00 122.00 Salaries/Wages $2,000 + $0.10 2,600.00 Commissions $0.25q 750.00 Janitorial Expense 200.00 200.00 Rent 1,000.00 1,000.00 Repairs 200.00 260.00 Depreciation 150.00 150.00 Marketing 400.00 450.00 Software/IT 75.00 20.00 Human Resources 45.00 18.00 Accounting Fees 250.00 200.00 Other Management Expenses 175.00 150.00 Legal Fees 100.00 600.00 Total Selling & Administrative Expenses 7,070.00 Net Operating Income/(Loss $ (2,870.00) Interest Expense $ 35.00 35.00 Taxes $ 75.00 75.00 Net Income/(Loss) $ (2,980.00) *variable costs are given as per unit amounts and indicated with (q) for quantity, fixed components are listed as total dollar amountsADDRESS X V fx = A B C D E F G H I 1 The Cookie Comp. Income Statement Year End Dec 31, 2022 Revenue/Cost Formulas Acutal R & S Variance U/F Flex. Budget Activity Variance U/F Planning Budget 5 Quantiy Sold 2,530 2,530 2,200 Sales 10,400 9,900 9 Cost of Goods Sold: 10 Flour 11 Suagr 12 Oil 13 Chocolate 14 Eggs 5 Packing/ Supplies 16 8 Gross Margin 20 Utilities Insurance Office Supplies Salaries/ Wages Commission Janitorial 26 Rent Repair 28 Depreciation Marketing 30 Software/ IT Human Resources 32 Accounting Fees Other. MGT Expenses Legal Fees 35 Total Selling and Admin Expenses Net Operating Income/Loss 38 39 Interest Expense Taxes Net Income/Loss 43