hon at 450, 120, 600, and 650 kits for the next four quarters. manufacturing overhead budget for the year. Round the direct labor hours needed for pro unts to the nearest whole number. i More Info Direct materials are 4 ounces of plastic per kit and the plastic costs $5 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 10% of the materials needed for the next quarter's production. Preston desires a balance of 300 ounces in Raw Materials Inventory at the end of the fourth quarter. Each kit requires 0.50 hours of direct labor at an average cost of $25 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 $155 per quarter. Print Done Preston, Inc. manufactures model airplane kits and projects production at 450, 120, 600, and 650 kits for the next four quarters (Click the icon to view the manufacturing information) Prepare Preston's direct materials budget, direct labor budget, and manufacturing overhead budget for the year. Round the direct labor hours need overhead allocation rate to two decimal places. Round other amounts to the nearest whole number. Direct Materials Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total Budgeted kits to be produced 450 120 600 650 1820 Direct materials (ounces) per kit Direct materials needed for production 1800 480 2400 2600 7280 Plus Desired direct materials in ending inventory Total direct materials needed Direct materials in beginning inventory Budgeted purchases of direct materials 4 4 4 Direct materials cost per Ounce Budgeted cout of direct materials purchases Pranare the diarrhevinal Internwhese adorimal in twr nares XXX und all other munte in the nearest whomhar Choose from any list or enter any number in the input fields and then continue to the next question Praston, Inc. manufactures model airplane kits and projects production at 450, 120, 600, and 650 kits for the next four quarters, Click the icon to view the manufacturing information) Prepare Preston's direct materials budget, direct labor budget, and manufacturing overhead budget for the year. Round the direct labor hours needed for overhead allocation rate to two decimal places. Round other amounts to the nearest whole number. Prepare the direct labor budget. (Enter any hours as a decimal to two places, X.XX, and round all other amounts to the nearest whole number.) Preston, Inc. Direct Labor Budget For the Year Ended December 31 Second Fourth Quarter First Third Quarter Quarter Quarter Total Direct lator hours needed for production Budgeted direct labor cost Prepare the manufacturing overhead budget. (Enter all costs and hours as a decimal to two places, XXX. Abbreviations used: VOH - variable manufacturing Preston, Inc. Choose from any list or enter any number in the input fields and then continue to the next question Preston, Inc.manufactures model airplane kits and projects production at 450, 120, 600, and 650 kits for the next four quarters. (Click the icon to view the manufacturing information) Prepare Preston's direct materiais budget direct labor budget, and manufacturing overhead budget for the year. Round the direct labor hour overhead allocation rate to two decimal places. Round other amounts to the nearest whole number. Preston, Inc. Manufacturing Overhead Budget For the Year Ended December 31 First Second Fourth Quarter Quarter Total Third Quarter Quarter VOH cost per kit Budgeted VOH Budgeted FOH Budgeted manufacturing overhead costs Direct labor hours Budgeted manufacturing overhead costs Predetermined overhead allocation rate TII