Addison Company budgets production of 2,760 units during the second quarter. Information on its direct labor and its variable anc fixed overhead is as follows: DirectlaborVariableoverheadFixedoverheadEachfinishedunitrequires5directlaborhours,atacostof$8perhour.Budgetedattherateof$10perdirectlaborhour.Budgetedat$550,000perquarter. 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 $550,000 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. Prepare a direct labor budget. Addison Company budgets production of 2,760 units during the second quarter. Information on its direct labor and its variable and fixed overhead is as follows: DirectlaborVariableoverheadFixedoverheadEachfinishedunitrequires5directlaborhours,atacostof$8perhour.Budgetedattherateof$10perdirectlaborhour.Budgetedat$550,000perquarter. 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 $550,000 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. Prepare a factory overhead budget