Please do not Give Image format Create a cash payments budget with the following information:I-Frame Inc. manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear feetof bamboo, which costs $2.00 per foot. Each frame takes approximately 30 minutes to build, and the laborrate averages $14 per hour. I-Frame has the following inventory policies:• Ending finished goods inventory should be 40% of next month's sales.• Ending direct materials inventory should be 30% of next month's production.Expected unit sales (frames) for the upcoming months follow:Expected Sales UnitsMarchAprilMayJune330360410510485535JulyAugustVariable manufacturing overhead is incurred at a rate of $0.40 per unit produced. Annual fixedmanufacturing overhead is estimated to be $8,400 ($700 per month) for expected production of 4,000units for the year. Selling and administrative expenses are estimated at $750 per month plus $0.50 perunit sold.Of its sales, 80% is in cash and 20% is on credit. Of the credit sales, 50% is collected during the samemonth of the sale, and 50% is collected during the month following the sale.Of direct materials purchases, 80% is paid for during the month purchased and 20% is paid in thefollowing month. Direct materials purchases for March 1 totaled $2,800. All other operating costs are paidduring the month incurred. Monthly fixed manufacturing overhead includes $260 in depreciation. DuringApril, I-Frame plans to pay $2,500 for a piece of equipment.I-Frame had $13,500 cash on hand on April 1. Assume the company can borrow interest-free inincrements of $1,000 to maintain a $13,000 minimum ending cash balance. Repayments are made in thefollowing month, assuming sufficient cash is available. (For example, if you need $4,300 at the end of Aprilto meet your desired ending cash balance, you would borrow $5,000 in April, and repay the $5,000 inMay).Required:Enter the given data into Excel and prepare the following operating and financial budgets

A budget for cash payments describes a company's anticipated cash outflows (payments) for a specific…

Create a cash payments budget with the following information: I-Frame Inc. manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear feet of bamboo, which costs $2.00 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $14 per hour. I-Frame has the following inventory policies: • Ending finished goods inventory should be 40% of next month's sales. • Ending direct materials inventory should be 30% of next month's production. Expected unit sales (frames) for the upcoming months follow: Expected Sales Units March 330