Your first job assignment requires you to create a master budget. The details arepresented below.BackgroundApple Inc. manufacturers I-phones. You have been hired as a cost accountant and yourassignment to create a master budget using EXCEL.. You have been working with variousdepartments to gather financial data to assemble a master budget. One reason you havechosen this format is that upper management will probably make some last-minute changesto sales and possible changes to some other cost forecasts. So, to simplify this problem youMUST link all the budgets together. For example, if you change the sales forecast, then allthe remaining numbers in all other budgets would change without having to change numbersmanually in each budget.One quarter of the budget has been prepared for you but you need to input the other threequarters 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, manuallycalculate 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 easyto 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 preparingthe budget.