Your first job assignment requires you to create a master budget. The details are presented below.BackgroundApple Inc. manufacturers I-phones. You have been hired as a cost accountant and your assignment to create a master budget using EXCEL.. You have been working with various departments to gather financial data to assemble a master budget. One reason you have chosen this format is that upper management will probably make some last-minute changes to sales and possible changes to some other cost forecasts. So, to simplify this problem you MUST link all the budgets together. For example, if you change the sales forecast, then all the remaining numbers in all other budgets would change without having to change numbers manually in each budget.One quarter of the budget has been prepared for you but you need to input the other three quarters in order to prepare the income statement.Here are the steps:1. You must setup all eight budgets using Excel. Starting with the sales budget, manually calculate the sales budget forecast for all four quarters and calculate the total column2.  Each budget should be prepared on individual Excel spreadsheets, on separate tabs.3.  Each budget should professionally represent all the budget information; must be easy to understand so it can be presented to the CEO and the owners of the business.4. Briefly discuss your assumptions and any challenges you encountered while preparing the budget.

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