Review the Xample Manufacturing Case below. Xample Manufacturing Case Consider

Review the Xample Manufacturing Case below.
Xample Manufacturing Case
Consider the following case scenario: Imagine you are a manager of a small plastic parts manufacturing contracting business making parts under contract to electronic consumer goods industry and defense industry companies, and you are in charge of developing a projected annual operating budget.
Your budgetary figures are as follows: For fiscal year 2019, your firm received a $3 million contract from Sony to provide small parts for its current Ultra HD Blu-Ray Player, as well as various contracts totaling $1.75 million from other business. Xample also has an $180,000 annual contract from Boeing, and a contract for small plastic parts from Ratheon totaling $1.6 million annually.
Your chief financial officer (CFO) has provided you with the following annual expenses:
Xample Manufacturing Expenses
Annual Salaries $1.63 million
Annual Benefits $ 245,000
Annual Rent $ 760,000
Annual Insurance $ 45,000
Annual Depreciation $ 780,000
Annual Overhead $ 180,000
Annual Supplies $ 96,000
Annual Raw Materials $ 2.6 million
Write a two- to three-page summary, and include the following:
Explain the process for creating an operating budget and its importance.
Describe how revenues and expenses are grouped for planning and control in the financial statements.
Utilize course text and 2 other scholarly sources
Course text:
Wisner, J. D. (2021). Operations management: A supply chain process approach (2nd ed.). Cognella Academic Publishing.