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EXERCISE 9-13 Direct Materials and Direct Labor Budgets [L04, LOS] The production department of Hareston Company has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Units to be produced . . i'm 7.000 8,000 5,000 In addition, the beginning raw materials inventory for the first quarter is budgeted to be 1,400 pounds and the beginning accounts payable for the first quarter is budgeted to be $2.940. Each unit requires 2 pounds of raw material that costs $1.40 per pound. Management desires to end each quarter with an inventory of raw materials equal to 10%% of the following quarter's production needs. The desired ending inventory for the fourth quarter is 1,500 pounds. Manage- ment plans to pay for 80% of raw material purchases in the quarter acquired and 20% in the follow- ing quarter. Each unit requires 0.60 direct labor-hours and direct labor-hour workers are paid 514.00 per hour Required: Prepare the company's direct materials budget and schedule of expected cash disbursements for purchases of materials for the upcoming fiscal year 2. Prepare the company's direct labor budget for the upcoming fiscal year, assuming that the dis rett labor work force is adjusted each quarter to match the number of hours required to pro duce the forecasted number of units produced. EXERCISE 9-14 Direct Labor and Manufacturing Overhead Budgets [LOS, LOS] The production department of Raredon Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 12,000 14,000 13,000 11,000 Units to be produced .... .. Each unit requires 0.70 direct labor-hours, and direct labor-hour workers are paid $10150 per hour. In addition, the variable manufacturing overhead rate is $1:50 per direct labor-hour. The fixed manufacturing overhead is 580,000 per quarter, The only noncash element of manufacturing over head is depreciation, which is $22,000 per quarter. Required: I. Prepare the company's direct labor budget for the upcoming fiscal year, assuming that the di- rect labor workforce is adjusted each quarter to match the number of hours required to pro- duce the forecasted number of units produced. 2. Prepare the company's manufacturing overhead budget