EXERCISE 9-14 Direct Labor and Manufacturing Overhead Budgets [L05, L06] The production department of Raredon Corporation has submitted the following forecast of unis to be produced by quarter for the upcoming fiscal year: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Units to be produced .. 12,000 14,000 13,000 11,000 Each unit requires 0.70 direct labor-hours, and direct labor-hour workers are paid $10.50 per hour In addition, the variable manufacturing overhead rate is $1.50 per direct labor-hour. The fixed manufacturing overhead is $80,000 per quarter. The only noncash element of manufacturing over head is depreciation, which is $22,000 per quarter. Required: 1. Prepare the company's direct labor budget for the upcoming fiscal year, assuming that the di- rect labor workforce is adjusted each quarter to match the number of hours required to pro- duce the forecasted number of units produced. 2. Prepare the company's manufacturing overhead budget. mot