Computer Applications for Business – Week 8 AssignmentMS Excel: Budget AnalysisApply your creative thinking and problem-solving skills to design and implement a solution.NOTE:You will need to use file from the textbook for the assignment: Lab 8-3 Budget AnalysisPart 1:The workbook provided shows household income and expenses. You will create charts to help analyze your budget.1.Open the workbook Lab 8-3 Budget Analysis provided and save as CS155Week8LastnameFirstname. Ensure that you use your lastname and firstname.2.In the budget analysis file change; wages, food, phone, and clothing data for each month. (Leaving these items the same will result in a deduction)3.Create a chart using the expenses from the budget. 4.Create a second chart using the cash flow data from the budget. 5.The following areas will be part of grading criteria:Changes to data asked for in Part 1Ensure the charts created display months and appropriate items from column ACreate a chart from expenses dataMove expense data chart to own sheetRename new sheet with expense chart to descriptive titleCreate chart title for expense data chartCreate a chart from cash flow dataMove cash flow chart to own sheetRename new sheet with cash flow chart to descriptive titlesCreate chart title for cash flow chartSave the file as CS155Week8LastnameFirstname. Ensure that you use your lastname and firstnameAdd a footer in left section of sheet named Budget with your name and GIDnumberNOTE:Charts not required to be pivot chartsPart 2:In Part 1 you made choices about which type(s) of chart(s) to use to present budget data. What was the rationale behind those selections? How did the data in the Household Expenses pose a special challenge? How might you address that challenge?Answer Part 2 questions in comments or submission text area when submittingSave file after completing and submit work by attaching file to week 8 assignment submission area.