The Coco Lamela Company (CLC) owns the global nights to sell a very fragle glass ornament called "Jack Wilshere's Tears'. The cost of goods sold for the ornaments are shown on the second page. CLC sets its selling prices so that each unit sold returns a seventy percent goss margin. Data regardipg product costs, and administration and selling expenses for the past twelve months have been accumulated in order develop a budget ectimate for an upcoming month Coco Lamela's Markeeing Department has reviewed this data and could not racti a coodusion as to what is the most appropriate Independent variahle for predicting variable and mived cots. These costs may be dependent oo labor hours, uait sales, or distance shipped Marketing just doesn't know since they never had to take this accounting course ft is up to you to fgure this out. REQUIRED: Note: Pieuse have the data from the second page of this etsignment and your work for Requirnments A.Con a single workaheet A. Get the information from the socand page into your Fxce workbook. Analyce the data to determine the behavior of each cost The variable aod abued costs mog be dependent on Lober bours unit ales, or distance shipped Use Exceis FSQ function to determine what the cost driver is for variable component of those costs that are variable or mived. So, you will have to run the RSQ function three times for each of the cests R. Atter the cost driver is determined for each of the mixed or variable costs you will need to determine the cost elements using the Bxcel SLOPE and INTERCEPT functions using that cost driver. c. The Coos Lamels Company wants to estimate profitablity for the upcoening month. The following estimates are to be usedi unit sales: 73,500, total labor hours worked 93,000 bourr distance shipped 322,000males First, prepare a Contribution Format income Statecnent for the upcoming month. Next, construct a Traditional Incorne Staterneot for the upcoening mooth Make certain to preseat each cout/expense item separately on lis aws line - do sot wegregate the costs. Regarding the selling price; this should first be calculated on a per unit basis, then use the RoUND fanction to limit this amount to a whole dollar ameunt. determine the Break Fven. Foine for the company and then prove it with a contribution format income itatement. Delete the Traditional Inosme Stateneat from this tab's workabet - you will only need the Contribution Format version for lurquirement b. Next, for these mixed or variable costs that thit worksheet using your BEP units as the variable cost driver. If done correctly the Ner Operatine locome sheald be zero. You must use Excel for this case. AlB non-input cells will elther reference another cell or be a calculated (formula) celi. Format all the cells as "accounting" and the initial sales amount on the inceme statemeots as a "currency", Any varlable cost elements that you discover is to be displayed to two decinal places, and any fixed cost elemeat is to be shown as a whole number. The amounts in the income statements shall be displayed is wbole numbers. The purpose of this case is to reinforce the concept of cost behavior, and to give you sume Bxcel experience - Remember that readahility and neotness count when you create your solution. - Keep the Requirements A, B, C, and the date from this document'r second page a zingle spreadsheet, and then dupilcote that spreadihert for Rruirement D. - Moke the orea that contains the input data obvlows and eay to locate. You may find that using naresl ranges in your date section for the cost drivers and various costs will be helpful. - Thit esslgament is worth fifteen points. - While others may give you verbal essistance, this muse be your own work - Make sure to disclose who you helped, who helped you, or that you solved this completely alone