Exercise 7-7 Manufacturing: Direct labor and factory overhead budgets LO P1 Addison Co. budgets production of 2,430 units during the second quarter. Other information is as follows: Direct labor Each finished unit requires 6 direct labor hours, at a cost of $7 per hour. Applied at the rate of $9 per direct labor hour. Budgeted at $480,000 per quarter. Variable overhead Fixed overhead 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 2,430 units Total labor hours needed Budgeted direct labor cost Required 2 KRequired 1 Addison Co. budgets production of 2,430 units during the second quarter. Other information is as follows: Direct labor Each finished unit requires 6 direct labor hours, at a cost of $7 per hour. Applied at the rate of $9 per direct labor hour Budgeted at $480,000 per quarter. Variable overhead Fixed overhead 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 Required 1 Required 2>