Gnome Place Like Home LTD. manufactures small garden gnome statues and is working on next period's production budget. Each gnome needs 6 pounds of materials at a cost of $7 per pound and 20 minutes of direct labor at a rate of $24 per hour. Variable overhead is charged at $2 per direct labor hour while fixed overhead for the period is budgeted at $10,000. The company's policy for materials is to have an ending balance equal to 20% of next month's materials requirement. The beginning materials balance for this period is 4,200 pounds. Units to be produced for this period is 3,300 while there are plans to produce 2,800 units in the following period. Using the excel template from Blackboard (use formulas wherever possible): A) Prepare the period's direct materials budget B) Prepare the period's direct labor budget C) Prepare the period's overhead budget Next period production (units) Next period production (Ibs) Desired Ending Balance % Materials Budget Budgeted production units materials per unit materials needed for production budgeted ending inventory Total need beginning inventory material purchases Price per pound Cost of material purchases Labor Budget Budgeted production units Direct Labor per unit (hours) Total hours needed Labor rate Total cost of direct labor Overhead Budget Budgeted production units variable overhead rate (per DL hr) budgeted variable overhead budgeted fixed overhead budgeted total overhead