Cameron, Inc. manufactures model airplane kits. Direct materials are five ounces of plastic per kit and the plastic costs $1 per ounce. Indirect materials 0.25 hours of direct labor at an average cost of $50 per hour. Manufacturing overhead is allocated using direct labor hours as the allocation base. The (Click the icon to view the budgets.) Cameron projects sales of 300, 200, 500, and 100 kits for the next four quarters. Cameron has no kits in beginning inventory. Determine the cost per ki Round amounts to two decimal places. Determine the cost per kit to manufacture the model airplane kits. (Round your answers to two decimal places, SX.XX.) Direct materials cost per kit $ 5.00 Direct labor cost per kit 12.50 Manufacturing overhead cost per kit Total projected manufacturing cost per kit Prepare a cost of goods sold budget for the year. (Complete all input fields. Enter "O" for zero balances.) Cameron, Inc. Cost of Goods Sold Budget For the Year Ended December 31 Second Third Quarter Quarter 0.55 18.05 First Fourth Quarter Quarter Total Kits produced and sold Total budgeted cost of goods sold nounce. Indirect materials are considered insignificant and are not included in the budgeting process. Each kit requires the allocation base. The company has prepared the following budgets: Determine the cost per kit to manufacture the model airplane kits. Prepare a cost of goods sold budget for the year. Cameron, Inc. Direct Materials Budget For the Year Ended December 31 First Second Quarter Quarter Third Fourth Quarter Quarter Total 550 650 2,000 5 5 2,750 3,250 280 10,000 280 325 3,075 3,530 325 10,280 920 275 Budgeted kits to be produced 350 450 5 5 Direct materials (ounces) per kit Direct materials needed for production 1,750 2,250 225 275 Plus: Desired direct materials in ending Inventory Fotal direct materials needed 1,975 2,525 920 225 Less: Direct materials in beginning inventory Budgeted purchases of direct materials 1,055 2,300 Direct materials cost per ounce 1 $ 18 Budgeted cost of direct materials purchases 1,055 $ 2,300 $ Cameron, Inc. Direct Labor Budget For the Year Ended December 31 First Third 9,360 2,800 115 2,800 $ 3,205 1 $ 3,205$ 9,360 Second | Fourth Cameron, Inc. Direct Labor Budget For the Year Ended December 31 First Second Quarter Quarter Third Fourth Quarter Quarter Total 350 450 650 Budgeted kits to be produced Direct labor hours per unit Direct labor hours needed for production 550 0.25 2,000 0.28 0.25 0.25 0.25 87.50 50 $ 112.50 50 $ 137.50 50 $ 162.50 50 $ 500.00 5C $ Direct labor cost per hour $ 4,375 $ Budgeted direct labor cost 5,625 $ 6,875$ 8,125 $ 25,000 Cameron, Inc. Manufacturing Overhead Budget For the Year Ended December 31 First Second Third Quarter Quarter Fourth Quarter Quarter Total 350 0.25$ 450 0.25$ $ 550 0.25 $ 650 0.25$ 2,000 0.25 Budgeted kits to be produced VOH cost per kit Budgeted VOH Budgeted FOH Budgeted manufacturing overhead costs $ 87.50 $ 150,00 112.50 $ 150.00 137.50 $ 150.00 162.50 $ 150.00 500.00 600.00 237.50 $ 262.50 $ 287.50 $ 312.50 $ 1,100.00 Direct labor hours Budgeted manufacturing overhead costs 87.50 112.50 137.50 162.50 500.00 Predetermined overhead allocation rate $ $ 1,100.00 2.20