Exercise 20-7 Manufacturing: Direct labor and factory overhead budgets LO P1 Addison Co budgets production of 2,830 units during the second quarter. Other information is as follows: Direct labor Variable overhead Fixed overhead Each finished unit requires 5 direct labor hours at a cost of 5 per hour Applied at the rate of 39 per direct labor hour. Budgeted at $620,000 per quarter. 1. Prepare a direct labor budget. 2. Prepare a factory overhead budget Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a direct labor budget. ADDISON CO. nirert Runt 1. Prepare a direct labor budget. 2. Prepare a factory overhead budget. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a direct labor budget. ADDISON CO. Direct Labor Budget Second Quarter Units to be produced 2830 units Total labor hours needed Budgeted direct labor cost Required 2 > 1. Prepare a direct labor budget. 2. Prepare a factory overhead budget. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a factory overhead budget. ADDISON CO. Factory Overhead Budget Second Quarter Total labor hours needed Budgeted variable overhead Budgeted fixed overhead Budgeted total overhead