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ACCOUntIng 2020 - EXcel 2 Reese Co manufactures RC cars that sell for $33 each. Each RC car requires 2 pieces of lightweight plastic, which costs $2.50 per piece Each RC car takes approximately 45 minutes to build, and the labor rate averages $15 per hour. Reese Co has the following inventory policies: Ending finished goods inventory should be 35 percent of next month's sales Ending direct materials inventory should be 25 percent of next month's production. June Julv August September October November 750 600 750 730 820 670 Variable manufacturing overhead is incurred at a rate of $0.35 per unit produced. Annual fixed mnaufacturing overhead is estimated to be $7,800 ($650 per month) for expected production of 7,800 units for the year. Selling and administrative expenses are estimated at $820 per month plus $0.75 per unit sold. Prepare the following budgets for each month (July, August, and September) as well as Quarter 3 totals. Complete the legend by entering all relevant data you will need to complete the following budgets. You will need to use this legend in all formulas for the following budgets. Sales budget Production budget Direct materials purchases budget Direct labor budget Manufacturing overhead budget Note 1: the only cells that may have hard-keyed values are the shaded cells in the legend. All other cells should have a formula or a cell reference. Note 2: only the cells with question marks will be graded. Any other sections are provided for your ease of use