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More info Direct materials are three ounces of plastic per kit and the plastic costs $2 per ounce. Indirect materials are considered insignificant and are not included in the budgeting process. Beginning Raw Materials Inventory is 920 ounces, and the company desires to end each quarter with 30% of the materials needed for the next quarter's production. Wilber desires a balance of 230 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 $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 $140 per quarter. Wilber, Inc. manufactures model airplane kits and projects production at 250,620,600, and 550 kits for the next four quarters. Click the icon to viow the manufacturing information.) Prepare Wilber'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. Budgeted kits to be produced Budgeted kits to be sold Desired direct materials in ending inventory Direct materials in beginning inventory Wilber, Inc. manufactures model airplane kits and projects production at 250,620,600, and 550 kits for the next four quarters. virect matertals (ounces) per kil Direct materials needed for production Plus: Total direct materials needed Legs. Budgeted purchases of direct materials Direct materials cost per ounce