Addison Company budgets production of 2,470 units during the second quarter. Information on its direct labor and its variable and fixed overhead is as follows: Direct labor Each finished unit requires 5 direct labor hours, at a cost of $8 per hour. Variable overhead Budgeted at the rate of $10 per direct labor hour. Fixed overhead Budgeted at $520,000 per quarter. 1. Prepare a direct labor budget. 2. Prepare a factory overhead budget. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a factory overhead budget. ADDISON COMPANY Factory Overhead Budget Second Quarter Direct labor hours needed Budgeted variable overhead Budgeted fixed overhead Budgeted total factory overhead