Case study #1 has one problem with multiple parts.Please note the following: The case study exercise is an individual project, not a group project. Working with another student (or students) will be considered cheating per the Wilmington University Academic Integrity Policy. This policy is located in the Syllabus section of Bb for your review. The submission is to be one Excel file including the memo. You can type your memo in Word and copy it into your Excel spreadsheet or type the text submission directly into a text box in Excel. Each of the three alternate proposals should be considered independently of the other two proposals. All parts should be included on one sheet.If any calculations are required, they must be shown. This is done by entering your calculation as a formula in Excel. I will be able to review the Excel formulas in your worksheet.Utilize Excel formulas and functions to the fullest extent possible.Do not round your dollar amounts but display all dollar amounts to the nearest dollar.Formatting counts. There are examples of contribution format income statements in the text, including in the Solution to Review Problem 2 at the end of Chapter 1. You MUST list all expenses on separate lines on your income statements. Do NOT combine expense amounts into two general categories (variable and fixed). Your income statement should include a column for total dollars and a column for percent of sales. The case study answers must be clearly marked and easy to follow.The memo portion of your case will receive the greatest value in the “Correct Answers” portion of the case study rubric. There is no one correct answer for the memo. You are being evaluated on your ability to communicate effectively in writing.Please title your excel file with your last name & "Case Study 1".