>>> You will create an excel spreadsheet to predict the income and cost of Fred's Nursery: Fred's Nursery, a flower grower, plants a bed of orchids in a shade house at a setup cost of$5000. Fixed annual operating costs are $1000 per bed, while variable costs during producing years are 30% of sales receipts. Due to changing weather conditions, water costs fluctuate each year: $2000, $3000, $5000, $5000, $5000, $6000, $6000 & $5000 respectively. The bed will not start producing during the first year. In the second through eighth years it should produce, respectively, 150, 500, 1900, 2000, 2200, 2000, and 1200 dozen orchid sprays. If 2000 dozen or more orchids are produced in a year then an extra staff hand needs to be employed, costing $20000 for that year.Orchids currently sell for $12 per dozen, which has currently been increasing at 4% per year. Based on aforementioned case study, construct a spreadsheet model that shows a breakdown of anticipated annual income and costs over the eight years. 3. Calculate the income from orchid sales in row 25. The income is calculated as Orchid Sales (row 22) * Respective Year's Price (row 23). The expected output is: 25 Income from Sales $1,872.00 $6,489.60 $25,646.90 $28,076.61 $32,119.64 $30,367.66 $18,949.42 $0.00 G H 1 2 3 Fred's Nursery New Orchid Shade House Budget 4 $12.00 4% $5,000.00 $1,000.00 30% Anticipated Yearly Sales and Water Costs Year Sales Water Costs 0 $2,000.00 2 150 $3,000.00 500 $5,000.00 4 1900 $5,000.00 S 2000 $5,000.00 6 2200 $6,000.00 2000 $6,000.00 1200 $5,000.00 2000 $20,000.00 4 5 6 5 6 7 8 Current Price/Dozen 9 Price Increase 10 11 Setup Cost 12 Fixed Cost 13 Variable Cost 14 15 Sales Requiring More Staff 16 Extra Wages/Year 17 18 19 20 Year 21 INCOME 22 Orchid Sales 23 Price Increase 24 25 Income from Sales 26 27 Cumulative Income 28 29 30 COSTS 31 Setup 32 Fixed Yearly 33 Variable Yearly 34 Extra Staff 35 Water Cost 36 Total Cost 37 38 Cumulative Cost 39 40 Profit/Lost 41 42 Cumulative Balance 43