Exercise 7-13 (Static) Manufacturing: Direct labor and factory overhead budgets LO P1 Addison Company budgets production of 2,400 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 4 direct labor hours, at cost of $20 per hour Variable overhead Budgeted at the rate of $11 per direct labor hour. Fixed overhead Budgeted at $450,000 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a direct labor budget. ADDISON COMPANY Direct Labor Budget Second Quarter 2,400 units Units to produce Direct labor hours needed Cost of direct labor Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a factory overhead budget. ADDISON COMPANY Factory Overhead Budget Second Quarter Direct labor hours needed Budgeted variable overhead Budgeted fixed overhead Budgeted total factory overhead