Exercise 20-15 (Algo) Manufacturing: Direct materials, direct labor, and overheod budgets LO P1 MCO Leather manufactures leother purses. Each purse requires 2 pounds of direct matenals at a cast or 54 per pound and 07 direct labor hour at a rote of $11 per hour Variable overhead is budgeted ot a rate of $2 per disect labor nour Budgeted fored overhead is $19000 per month. The company's policy is to end exch month with direct matertods inventory ecual to 40 s. of the next month's diced materials requirement. At the end of August the company had 3,760 pounds of direct materisis in inventory The companys production budget reports the following (1) Prepare direct materals budgets for September and October. (2) Prepare direct labor budgets for September and October (3) Prenare factory overhend buconets for September and Octobe: Complete this question by entering vour answers in the tabs below. Prepare direct materials budgets for September and October. Prepare direct labor budgets for September and October. (Round 'DL. hours reguired per unit' answers to one decimal place.) Prepare factory overhead budgets for September and October