Luther, Inc manufactures model al plane kits and projects production at 300, 620, 650, and 750 kits for the next four quarters (Click the icon to view the manufacturing information) Prepare Luther's direct materials budget direct labar 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 Quarter Quarter Quarter Quarter Total 300 620 650 750 2.320 4 4 4 4 4 1.200 744 2.480 780 2,600 900 3.000 230 9.280 230 Budgeted kits to be produced Direct materials (ounces) per kit Direct materials needed for production Plus Desired direct materials in ending inventory Total direct materials needed Less Direct materials in beginning inventory Budgeted purchases of direa materiala Direct matelas cost per ounce 3230 19:14 60 3260 652 3,500 700 9,510 2055 546 9876 1884 25 2600 25 2800 25 2584 25 $ 2 Budgeted cost of ditec ma dal purchases 3760 5216 5600 516019752 e ext four quarters. rid nd More Info - X hours ble nur ed er Direct materials are four 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 930 ounces, and the company desires to end each quarter with 30% of the materials needed for the next quarter's production Luther desires a balance of 230 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 $15 per hour. Manufacturing overhead is allocated using direct labor hours as the allocation base. Variable overhead is $0.60 per kit, and fixed overhead is $125 per quarter. pred erial ed beg ect und Print Done teri nter any number in the input fields and then click Check Answer 4