Homework: Chapter M:5 Homework Part 1 of 3 Question 2) Score: 0 of 1 point Save Luther, Ine manufactures model airplane kits and projects production at 550, 120, 650, and 700 kits for the next four quarters. Click the icon to view the manufacturing Information) Prepare Luther's direct materials budget, direct labor budget, and manufacturing overhead budget for the year. Round the direct labor hours needed for production, budgeted overhead costs, and predetermined overhead allocation rate to two decimal places. Round other amounts to the nearest whole number Begin by preparing Luther's direct materiale budget Luther, Inc. Direct Materials Budget For the Year Ended December 31 First Second Quarter Quarter Third Fourth Quarter Quarter Total Direct materials (ounces) por kit Direct materials needed for production Plus Total direct materials needed Budgeted purchases of direct materials Choose from any list or enter any number in the input fields and then click Check Answer. Help Me Solve This e Text Pages Get More Help Clear All Check Answer woget and manufacturing overhead budget for the year. Round the direct labor hours needed for production budgeted overhead costs, and predetermined overhead allocation rate to two decimal places. Round other amounts to the nearest whole number Luther, Inc. mewof Direct Materiais Budget For the Year Ended December 31 Quit First Second Third Fourth Quarter Quarter Quarter Quarter Total Direct materials (ounces) perut Direct materials needed for production Plus Total direct materials needed Less Budgeted purchases of direct materials Direct materials cost per Ounce Budited cost of direct materials purchases Choose from any list or enter any number in the input folds and then click Check Answer Help Me Solve This Text Pages Get More Help Clear A Check Answer cerials budget, direct labor budget, and manufacturing overhead budget for the year. Round the direct labor hours aand - X More Info le nur Direct materials are five Cunces of plastic per kit and the plastic costs $3 per ounce. Indirect materials are considered insignificant and are not included in the budgeting process. Beginning Raw Materials Inventory is 860 ounces, and the company desires to end each quarter with 20% of the materials needed for the next quarter's production. Luther desires a balance of 270 ounces in Raw Materials Inventory at the end of the fourth quarter. Each kit requires 0.75 hours of direct labor at an average cost of $20 per hour. Manufacturing overhead is allocated using direct labor hours as the allocation base. Variable overhead is $0.30 per kit, and fixed overhead is $140 per quarter. s) per kill for prog needed Print Done of direct per ounce ect materials purchases est or enter any number in the input fields and then click Check Answer. Clear All CH Dann Get More Help