6 of 7 (5 complete) E22-24 (similar to) HW Score: 58 29% 5 83 of 10 pts Question Help Oliver, Inc. manufactures model airplane its and projects production at 550, 270, 150, and 750 kits for the next our quarters (Click the icon to view the manufacturing Information) Prepare Oliver's direct material budget direct laber budget and manufacturing overhead budget for the year. Round the direct labor hours needed for production, budgeted overhead costs, and prominend verhead location rate to two decimal places. Round other amounts to the nearest whole number Begin by preparing Oliver's direct materials budget More info Third Quarter 150 5 Fourth Quarter 750 Total 1,720 5 Oliver, Ine. Direct Materials Budget For the Year Ended December 31 First Second Quarter Quarter Budgeted us to be produced 270 Direct materials ounces)per at 5 5 Direct materiais needed for production 2.750 1,350 Plus Desired direct materials in ending inventory Total direct materials needed 900 Direct materials in beginning inventory Less Budgeted purchases of direct materials $ Direct materials cost per ounce Budgeted cost of direct materials purchases Direct materials are source of paper and the cost per un Indirect materials are considered insignificant and are not used in the ben process. Beginning Marrials inventory is conces, and company desires to and each quarter with free needed for the next qur's production. Olver desires a balance of 270 ounces in Raw Materials inventory the end of the fourth quarter. Each it requires 0 hours of the abort average of 22 per hour. Manang overhead is located using direct labor hours as the locations Variable overhead is 50 75 per it, and fired overhead is $155 per quarter 50 3,750 3.970 3.600 220 8,620 900 7.920 Print Done 3 $ 23.760 Choose from any list or enter any number in the input fields and then click Check Answer Clear Al Check