Exercise 20-16 (Algo) Manufacturing: Direct materials, direct labor, and overhead budgets LO P1 Garden Yeti manufactures garden sculptures. Each sculpture requires 8 pounds of direct materials at a cost of $3 per pound and 04 direct labor hour at a rate of $16 per hour. Variable overhead is budgeted at a rate of $2 per direct labor hour. Budgeted fixed overhead is $4.000 per month. The company's policy is to maintain direct materials inventory equal to 30% of the next month's direct materials requirement. At the end of February the company had 7.920 pounds of direct materials in inventory. The company's production budget reports the following Production Budget March April May units to produce 3,300 4.600 4,100 (1) Prepare direct materials budgets for March and April (2) Prepare direct labor budgets for March and April (3) Prepare factory overhead budgets for March and April Complete this question by entering your answers in the tabs below. 6 Prepare direct materials budgets for March and April points GARDEN YETI Direct Materials Budget eBook March April Him Units to produce References Materials needed for production (pounds) Total materials required (pounds) Materials to purchase (pounds) Cost of direct materials purchases Required 2 > Required 1 Required 2 Required 3 Prepare direct labor budgets for March and April (Round "DL hours required per unit" answers to two decimal places.) GARDEN YETI Direct Labor Budget March Units to produce April Direct labor hours needed Cost of direct labor Required 1 Required 3 > Required 1 Required 2 Required 3 Prepare factory overhead budgets for March and April. GARDEN YETI Factory Overhead Budget March April Direct Jabor hours needed Budgeted variable overhead Budgeted total factory overhead