Carlton, Inc. manufactures model airplane kits and projects production at 550, 620, 600, and 700 kits for the next four quarters. i (Click the icon to view the manufacturing information.) Prepare Carlton's direct materials budget, direct labor budget, and manufacturing overhead budget for the year. Round the direct labor hours needed for production, budgeted overhead costs, and predetermined overhead allocation rate to two decimal places. Round other amounts to the nearest whole number. Begin by preparing Carlton's direct materials budget. Carlton, Inc. X More Info Direct Materials Budget For the Year Ended December 31 First Second Third Fourth Direct materials are 5 ounces of plastic per kit and the plastic costs $5 per ounce. Indirect materials are considered insignificant and are not included in the budgeting Quarter Quarter Quarter Quarter Total process. Beginning Raw Materials Inventory is 920 ounces, and the company desires to end each quarter with 30% of the materials needed for the next quarter's production. Carlton desires a balance of 240 ounces in Raw Materials Inventory at Direct materials (ounces) per kit the end of the fourth quarter. Each kit requires 0.50 hours of direct labor at an average cost of $15 per hour. Manufacturing overhead is allocated using direct Direct materials needed for production labor hours as the allocation base. Variable overhead is $0.75 per kit, and fixed overhead is $170 per quarter Plus: Total direct materials needed Less: Print Done Budgeted purchases of direct materials Direct materials cost per ounce Budgeted cost of direct materials purchases