Exercise 7-13 (Algo) Manufacturing: Direct labor and factory overhead budgets LO P1Addison Company budgets production of 2,830 units during the second quarter. Information on its direct labor and its variable and fixed overhead is as follows:

1. Prepare a direct labor budget.2. Prepare a factory overhead budget.

Exerclse 7-13 (Algo) Manufacturing: Direct labor and factory overhead budgets LO P1 Addison Company budgets production of 2,830 units during the second quarter. Information on its direct labor and its variable and fixed overhead is as follows: Direct labor Each finished unit requires 5 direct labor hours, at a cost of $7 per hour. VariableoverheadFixedoverheadBudgetedattherateof$9perdirectlaborhour.Budgetedat$62,909perquarter. Fixed overhead Budgeted at $620,960 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. Prepare a direct labor budget. 1. Prepare a direct labor budget. 2. Prepare a factory overhead budget. Complete this question by entering your answers in the tabs below. Prepare a factory overhead budget