This project must be completed using Excel and must be submitted via Canvas. Your name must be clearly indicated in the names for the Excel and Word file's you submit for your answer. The deadline for submission is on Canvas. You are expected to complete your own work. This is a graded assignment You are the controller for the Window Blinds Company (WBC), a firm that makes wooden window blinds. Your firm just reached an agreement with the local Home Depot to begin selling your products on a test basis in their store for the months of April, May and June 2018 quarter and you expect sales to increase. You also realize that you must produce a sufficient quantity to avoid out of stocks. To help you plan for the next quarter, you have asked your assistant to prepare a master budget for the second quarter of 2019 (April, May and June) to assist in managing operations, determining how much material needs to be ordered, and how much labor you will need. The controller has also asked you to prepare a pro-forma income statement for the 2nd Quarter as well to be used in judging performance. You should prepare your budgets and income statement using Excel. Your Excel spreadsheet must use formulas and cell references to allow for easy changes. The format for the budgets have been provided. You are expected to complete the budget on the spreadsheet attached to the assignment. Information Sales and Cash Collection Information WBC sales staff have prepared a schedule of the budgeted sales for the months of January through December 2019. Expected unit sales for the months of 2019 follow January February March April 1000 3000 3000 2250 Spring Master Budget Problem - Section 43 (1) -Word 2019 lings Review View Help Tell me what you want to do January February March April May June July August September October November December TOTAL 1000 3000 3000 2250 10000 6750 1000 1500 1000 2000 1000 2500 35,000 Is the blinds to Home Depot and its other customers at a price of $40 each. WBC sells all the blinds on account and expects to collect 70% of the cash in the month of the sale and i 5% in the month after the sale and the remaining 15% in the 2nd month following the month of sale. Production and Material Budget Information Finished Goods Window Blinds Company (WBC) manufactures window blinds from wood. Each blind uses 3 feet of high-quality" teak hardwood, which costs WBC $3 per foot WBC likes to end the month with a finished goods inventory equal to 30% of the planned sales for the next month. Raw Materials In addition to the finished goods inventory, WBC also has an inventory of Teak wood in a elimate controlled warehouse. wic ike to have in its warehouse a beginning mentory equal to 40% of the teak wood it will need for the month's production Raw Materials In addition to the finished goods inventory, WBC also has an inventory of Teak wood in a climate controlled warehouse. WBC like to have in its warehouse a beginning inventory equal to 40% of the teak wood it will need for the month's production. WBC pays for the material it purchases in the month of purchase. Labor Budget Information WBC pays its workers $10 per hour and each blind takes 1 hour of labor to complete. All wages are paid in the month incurred. Manufacturing Overhead Information The total manufacturing overhead is estimated to be $94,500. Manufacturing Overhead is applied equally to each unit produced using Overhead is paid in the month incurred. Selling and Administrative Costs Selling and administrative expenses are also a combination of fixed and variable costs. Fixed Selling and administrative costs are estimated at $8000 per month and variable selling and administrative costs are S5.00 per unit sold. Cash Management ike to maintain a minimum of $10,000 WBC starts the month of April with s2,000 in the bank. It would l in the bank. They have just opened up a line of credit with the bank that they can draw upon in the last day of the month. Interest is paid at the end of the month and the line of credit can be paid back in any increment. Interest is charged at the rate of 1% per month on the outstanding balance. iew View Help Tell me what you want to do Required: Prepare the following for WBC for the second quarter of the year (April, May, June). each month in your projections as well as the 2nd Quarter totals for each budget A. Include 1. Sales Budget 2. Production Budget 3. Raw Materials Purchases Budget 4. Direct Labor Budget 5. Manufacturing Overhead Budget 6. Budgeted Cost of Cost of Goods Sold 7. Selling and Administrative Expenses Budget 8. WBC's Budgeted Income Statement for the 2d Quarter. 9. Cash Budget for the 2nd Quarter B. In addition answer the following questions. What will be the number of units and the cost of the Raw Materials and Finished Goods Ending Inventories that will appear on the Balance Sheet at the End of the 2ad Quarter? - What will be the balance in Accounts Receivable at the end of the 2nd Quarter? -Will WBC need to consider borrowing any cash from a bank during the 2ad Quarter? The beginning cash balance is $2000 and WBC would like to end each month in the 2d quarter with $10,000 in the bank. If so, how much should be borrowed and how much will WBC owe the bank on June 30