This team project must be completed using an Excel spreadsheet and must be submitted in hard copy, in class on or before November 26, 2019. Your names must be clearly indicated at the top of your Excel file. Your excel file MUST include grid lines. Each team is expected to complete its own work. This is a graded assignment. The scenario is as follows: 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 2019. Management expects sales to increase as a result of this test and you realize that a sufficient quantity of product must be produced to avoid stock outs. You are 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 will be required. In addition, you also must prepare a pro-forma income statement for the 2nd Quarter (April, May and June) that will to be used in evaluating the results of the test program. You must prepare your budget and pro forma income statement using Excel. The attached format for the Excel spreadsheet must be used. The completed worksheet must contain formulas and cell references for all calculations. Manufacturing Overhead Information Total manufacturing overhead is estimated to be $94,500. Manufacturing Overhead is applied equally to each product produced. Overhead is paid in the month incurred. Selling and Administrative Costs Selling and administrative expenses are a combination of fixed and variable costs. Fixed Selling and Administrative costs are estimated at $8,000 per month and variable selling and administrative costs are $5.00 per unit sold. Selling and administrative costs are paid in the month incurred. Cash Management WBC starts the month of April with $2,000 in the bank. Management would like to maintain a minimum of $10,000 in the bank. WBC just opened a line of credit with the bank that they can draw upon on 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 1% per month on the outstanding balance borrowed. Required: A. Prepare the following for WBC for the second quarter of the year (April, May, June). Include each month in your projections as well as the 2nd Quarter totals for each budget. 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 Pro Forma Income Statement for the 2nd Quarter. 9. Cash Budget for the 2nd Quarter B. In addition answer the following questions. 1. 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 2nd Quarter? 2. What will be the balance in Accounts Receivable at the end of the 2nd Quarter? 3. Will WBC need to consider borrowing any cash from a bank during the 2nd Quarter? The beginning cash balance is $2,000 and WBC would like to end each month with $10,000 in the bank. To accomplish this, how much should be borrowed and how much will WBC owe the bank on June 30? This team project must be completed using an Excel spreadsheet and must be submitted in hard copy, in class on or before November 26, 2019. Your names must be clearly indicated at the top of your Excel file. Your excel file MUST include grid lines. Each team is expected to complete its own work. This is a graded assignment. The scenario is as follows: 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 2019. Management expects sales to increase as a result of this test and you realize that a sufficient quantity of product must be produced to avoid stock outs. You are 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 will be required. In addition, you also must prepare a pro-forma income statement for the 2nd Quarter (April, May and June) that will to be used in evaluating the results of the test program. You must prepare your budget and pro forma income statement using Excel. The attached format for the Excel spreadsheet must be used. The completed worksheet must contain formulas and cell references for all calculations. Manufacturing Overhead Information Total manufacturing overhead is estimated to be $94,500. Manufacturing Overhead is applied equally to each product produced. Overhead is paid in the month incurred. Selling and Administrative Costs Selling and administrative expenses are a combination of fixed and variable costs. Fixed Selling and Administrative costs are estimated at $8,000 per month and variable selling and administrative costs are $5.00 per unit sold. Selling and administrative costs are paid in the month incurred. Cash Management WBC starts the month of April with $2,000 in the bank. Management would like to maintain a minimum of $10,000 in the bank. WBC just opened a line of credit with the bank that they can draw upon on 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 1% per month on the outstanding balance borrowed. Required: A. Prepare the following for WBC for the second quarter of the year (April, May, June). Include each month in your projections as well as the 2nd Quarter totals for each budget. 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 Pro Forma Income Statement for the 2nd Quarter. 9. Cash Budget for the 2nd Quarter B. In addition answer the following questions. 1. 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 2nd Quarter? 2. What will be the balance in Accounts Receivable at the end of the 2nd Quarter? 3. Will WBC need to consider borrowing any cash from a bank during the 2nd Quarter? The beginning cash balance is $2,000 and WBC would like to end each month with $10,000 in the bank. To accomplish this, how much should be borrowed and how much will WBC owe the bank on June 30