DeWit Compony makes and sels atistie frames for pietures of weddings, graduations, and other special events. Ron Bahar, the controlier, is responsbie for preparing DeWirta master budget and has accumulated the following information for 2021 : \#ilif (Click the icon to view some of the finandial information) (Clck the icon to vew addicional informasion). Fead the cequiements Requirement 1. Prepare a production budget and a direct manutacturing labor cost budget for Dewm company by month and for the first quarter of 2021 . You may combine both budgets in one schedule. The drect manulacturing labor cost budget should include laboe-hours and show the detais for each labor cost calegory. Start the schedule by preparing the production budget and calculating the tolal hours of direct manulacturing labor time needed for the three moeths in the quarter, then calculate the values for the quartec. Finish by preparing the bottom portion of the schedule for the drect mamufacturing labor by month, then quarler, (Enter the direct mamilacturing labor-hours per un. Ifo che decimal phace, XX. Do not round inserim calculations, and then enter all amounts in the budget lother thas the diect manutacturng hibor-hours per unit to the nearest whole number.) More info In addition to wages, direct manufacturing labor-related costs include pension contributions of $0.40 per hour, worker's compensation insurance of $0.10 per hour, employee medical insurance of $0.50 per hour, and Social Security taxes. Assume that as of January 1, 2021, the Social Security tax rates are 7.5% for employers and 7.5% for employees. The cost of employee benefits paid by DeWitt on its direct manufacturing employees is treated as a direct manufacturing labor cost. DeWitt has a labor contract that calls for a wage increase to $12 per hour on April 1, 2021. New labor-saving machinery has been installed and will be fully operational by March 1, 2021. DeWitt expects to have 16,000 frames on hand at December 31,2020 , and it has a policy of carrying an end-of-month inventory of 100% of the following month's sales plus 50% of the second following month's sales. Requirements 1. Prepare a production budget and a direct manufacturing labor cost budget for DeWitt Company by month and for the first quarter of 2021. You may combine both budgets in one schedule. The direct manufacturing labor cost budget should include labor-hours and show the details for each labor cost category. 2. What actions has the budget process prompted DeWitt's management to take? 3. How might DeWitt's managers use the budget developed in requirement 1 to better manage the company? Requirement 1. Prepare a production budget and a direct manutacturing labor cost budget for Dwin Company by month and for the frut quarter of 2021 . You may oombine beth budgecs in one schedule. The direct manufacturing labor cost budget should include labor-hours and show the details for each labor cost cabegery Start the schedule by preparing the peoduction budget and calculsting the total hours of direct manufacturing labor time needed for the three months in the quarter, then calculate the values for it Quartec. Finish by preparing the bosom portion of the schedule for the direct manufacturing labor by month, then quarler. (Enter the direct manufacturing laber-hours per init to one decimal place XX, Do not round interm caleulatons, and then enser al amounts in the budget (other than the direct manulacturing babor-hours per und to the nearest whole rumber.)