Addison Co. budgets production of 2,400 units during the second quarter. Other information is as follows: Direct labor Each finished unit requires 4 direct labor hours, at a cost of $20 per hour. Variable overhead Applied at the rate of $11 per direct labor hour. Fixed overhead Budgeted at $450,000 per quarter. 1. Prepare a direct labor budget. 2. Prepare a factory overhead budget. x Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a direct labor budget. ADDISON CO. Direct Labor Budget Second Quarter Units to be produced 2,400 units Labor requirements per unit (hrs.) 4 hours per unit Total labor hours needed 9,600 hours Labor rate (per hour) 9.00 X per hr. Budgeted direct labor cost 86,400Addison Co. budgets production of 2,400 units during the second quarter. Other information is as follows: Direct labor Each finished unit requires 4 direct labor hours, at a cost of $20 per hour. Variable overhead Applied at the rate of $11 per direct labor hour. Fixed overhead Budgeted at $450,000 per quarter. 1. Prepare a direct labor budget. 2. Prepare a factory overhead budget. x Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a factory overhead budget. ADDISON CO. Factory Overhead Budget Second Quarter Total labor hours needed 9,600 Variable factory overhead rate per DL hour $ 11.00 Budgeted variable overhead 105,600 Budgeted fixed overhead 45,000 X Budgeted total overhead $ 150,600