The Thomas Corporation manufactures and sells three products, Bike-III, Bike-II, and Bike-I. In August 2021, Thomas's Budget Department gathered the following data in order to prepare budgets for 2022: Product Bike-III Bike-II Bike-I 2022 Projected Sales Units 54,000 21,000 29.000 Price S315 S260 S180 Product Bike-III Bike-II Bike-1 Expected Target Inventories January 1, 2022 15,000 21,000 16.000 December 31, 2022 14,000 25,000 20,000 The following direct materials are expected to be used in the three products: Amount Used Per Unit Direct Material Unit Bike-III Bike-II XI pound 7 4 X2 pound 5 3 Bike-1 0 2 Projected data for 2022 with respect to direct materials are as follows: Direct Materials Expected Purchase Expected Inventories Price January 1, 2022) XI SIS 58,000 lb S8 90,000 lb Target Inventories (December 31, 2022) 52,000 15 64,000 lb Projected direct manufacturing labor requirements and rates for 2022 are as follows: Product Hours Per Unit Rate Per Hour Bike-III 5 SIS Bike-II 4 $13 Bike-I 3 $12 Manufacturing overhead is allocated at the rate of $14 per direct manufacturing labor-hour. Required: Based on the preceding projections and budget requirements for Bike-III, Bike-II, and Bike-I, prepare the following budgets for Thomas for 2022. Show breakups where appropriate. Be sure to also combine results for all three products to get the total for the company, when appropriate 1. Revenues budget (in dollars) 2. Production budget (in units) 3. Direct materials purchases budget (in quantities) 4. Direct materials purchases budget (in dollars) 5. Direct manufacturing labor budget in dollars) 6. Direct manufacturing overhead budget (in dollars) 7. Budgeted finished goods inventory (in dollars) 8. Cost of Goods Sold budget (in dollars) Note: This computer assignment must be completed using Excel. Budgets are flexible and fluid and may change as managers have access to additional information. If the above budget was computed manually, and a budgeting change was made in a key number, the entire budget would have to be recomputed. This would be a redundant and time-consuming exercise. Instead, if a spreadsheet template that employed simple formulas was constructed, a budgeting change could be made in a matter of seconds and the answers would be recomputed automatically. This assignment will have two parts, the first comprising of the data-entry section, where you will enter the above data. The second part will be the budgeting template, which will ONLY contain formulas that are linked to the data-entry section. I recommend you "test" your template upon completion, i.e. change a key number in the data- entry section and see if the numbers in the template recompute correctly