Exercise 7-5 Preparing Direct Labour and Manufacturing Overhead Budgets (LO2- CC8,9) The production department of Raredon Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year Units to be produced 1st Quarter 2nd Quartered Quarter4th Quarter 24,000 27,000 26,eve 22,000 Each unit requires 12 direct labour hours, and direct labour-hour workers are paid $22 per hour In addition, the variable manufacturing overhead rate is $120 per direct labour-hour The fixed manufacturing overhead is $161.000 per quarter. The only noncash element of manufacturing overhead is depreciation, which is $45,000 per quarter Required: 1. Prepare the company's direct labour budget for the upcoming fiscal year, assuming that the direct labour workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced Required: 1. Prepare the company's direct labour budget for the upcoming fiscal year, assuming that the direct labour workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced RAREDON CORPORATION Direct Labour Budget 1st Quarter 2nd Quarter 3rd Quarter Year Total direct labour-hours needed Total direct labour cost 2. Prepare the company's manufacturing overhead budget RAREDON CORPORATION Manufacturing Overhead Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Total manufacturing overhead Cash disbursements for manufacturing overhead