4. Wilber, Inc. manufactures model airplane kits. Direct materials are four ounces of plastic per kit and the plastic costs $4 per ounce. Indirect materials are considered insignificant and are not included in the budgeting process. Each kit requires 0.50 hours of direct labor at an average cost of $30 per hour. Manufacturing overhead is allocated using direct labor hours as the allocation base. The company has prepared the following budgets: (Click the icon to view the budgets.) Wilber projects sales of 300, 100, 500, and 900 kits for the next four quarters. Wilber has no kits in beginning inventory Determine the cost per kit to manufacture the model airplane kits. Prepare a cost of goods sold budget for the year. Round amounts to two decimal places. Determine the cost per kit to manufacture the model airplane kits. (Round your answers to two decimal places, $X.XX) Direct materials cost per kit $ 16.00 Direct labor cost per kit 15.00 Manufacturing overhead cost per kit 1.13 $ 32.13 Total projected manufacturing cost per kit Prepare a cost of goods sold budget for the year. (Complete all input fields. Enter "O" for zero balances.) Wilber, Inc. Cost of Goods Sold Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Total Quarter 0 $ 0 (1) Beginning inventory 32.13 32.13 32.13 32.13 32.13 Kits produced and sold $ $ 9,639||$ 3,213 $ 16,065 $ 28.917 57,834 Total budgeted cost of goods sold 1: Reference Wilber, Inc. Direct Materials Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Total Quarter 270 150 400 1.320 500 Budgeted kits to be produced 4 4 4 4 4 Direct materials (ounces) per kit Direct materials needed for production 2.000 1,080 5,280 600 1.600 270 324 480 270 180 Plus: Desired direct materials in ending inventory 1,260 1,080 1,870 5.550 2.324 Total direct materials needed 890 890 324 480 180 Less: Direct materials in beginning inventory Budgeted purchases of direct materials 900 936 1.390 4.660 1,434 4 4 $ $ 4 $ 4 $ 4 $ Direct materials cost per ounce $ 3,744 $ 5,560 $ 18.640 5,736 $ 3,600||$ Budgeted cost of direct materials purchases Wilber, Inc. Direct Labor Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total 500 270 150 400 1,320 Budgeted kits to be produced 0.50 0.50 0.50 0.50 0.50 Direct labor hours per unit Direct labor hours needed for production 250.00 660.00 135.00 75.00 200.00 30 30 s $ 30||$ 30$ 30 $ Direct labor cost per hour $ 7,500 $ 4,050 $ 19.800 2,250 $ 6,000 $ Budgeted direct labor cost Wilber, Inc. Manufacturing Overhead Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total Budgeted kits to be produced 500 270 150 400 1,320 $ VOH cost per kit 0.75$ 0.75$ 0.75$ 0.75$ 0.75 Budgeted VOH 375.00 $ 202.50||$ 112.50||$ 300.00 $ 990.00 500.00 125.00 125.00 125.00 125.00 Budgeted FOH 500.00 $ 327.50 $ 237.50||$ 425.00$ 1,490.00 Budgeted manufacturing overhead costs 250.00 135.00 75.00 200.00 660.00 Direct labor hours Budgeted manufacturing overhead costs $ 1,490.00 $ 2.26 Predetermined overhead allocation rate (1) O