Exercise 22-16 Manufacturing: Direct materials, direct labor, and overhead budgets LO P1 Omamental Sculptures Mfg. manufactures garden sculptures. Each sculpture requires 7 pounds of direct materials at a cost of $3 per pound and 0.4 direct labor hours at a rate of $17 per hour Variable manufacturing overhead is charged at a rate of $3 per direct labor hour. Fixed manufacturing overhead is $3,400 per month. The company's policy is to maintain direct materials inventory equal to 30% of the next month's materials requirement. At the end of February the company had 5,180 pounds of direct materials in Inventory. The company's production budget reports the following Production Budget March Units to be produced April 5,400 May 5,500 3,500 (1) Prepare direct materials budgets for March and April (2) Prepare direct lobor 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. Required Required 2 Required 3 Prepare direct materials budgets for March and April ORNAMENTAL SCULPTURES MIG Direct Materials Budget For the Months of March and April March April Budgeted production (units) 3.500 5.400 Materials requirements per unit (lbs) 7 Materials needed for production (bs) 24500 37.800 Budgeted ending inventory (lbs) Total materials requirements (bs) 24 500 37.800 Budgeted beginning inventory (lbs) Materials to be purchased (lbs) 24.500 37,800 Direct material cost per i $ 05 0 Total budgeted direct materials Required 2 > (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 be ces Required 1 Reagired 2 Required 3 Prepare direct labor budgets for March and April. (Round "DL hours requ ORNAMENTAL SCULPTURES MFG. Direct Labor Budget For the Months of March and April March April Budgeted production (units) DL hours required per unit Total direct labor hours needed 0 0 Direct labor rate per hour Total budgeted direct labor $ 0 $ 0