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 $4 per pound and 0.4 direct labor hour at a rate of $15 per hour. Variable overhead is budgeted at a rate of $2 per direct labor hour. Budgeted fixed overhead is $4,500 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 7,680 pounds of direct materials in inventory. The company's production budget reports the following. (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. Prepare direct materials budgets for March and April