MCO Leather manufactures leather purses. Each purse requires 2 pounds of direct materials at a cost of $4 per pound and 07 direct labor hours at a rate of $16 per hour Variable manufacturing overhead is charged at a rate of $3 per direct labor hour. Fixed manufacturing overhead is $20,000 per month The company's policy is to end each month with direct materials inventory equal to 20% of the next month's materials requirement. At the end of August the company had 3,980 pounds of direct materials in inventory The company's production budget reports the following Production Budget September November Units to be produced 5,500 6,500 October 6,800 (1) Prepare direct materials budgets for September and October (2) Prepare direct labor budgets for September and October (3) Prepare factory overhead budgets for September and October Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare direct materials budgets for September and October MCO Leather Direct Materials Budget For the Months of September and October Required 1 Required 2 Required 3 Prepare direct materials budgets for September and October. MCO Leather Direct Materials Budget For the Months of September and October September October Budgeted production (units) 5,500 6,500 Materials requirements per unit (lbs.) 2 2 Materials needed for production (lbs.) 11,000 13,000 Budgeted ending inventory (lbs.) Total materials requirements (lbs.) 11,000 13,000 Budgeted beginning inventory (lbs.) Materials to be purchased (lbs.) 11,000 13,000 Direct material cost per Ib. Total budgeted direct materials $ 0 $ 0 Required 1 Required 2 Required 3 Prepare direct labor budgets for September and October. MCO Leather Direct Labor Budget For the Months of September and October September October Budgeted production (units) DL hours required per unit Total direct labor hours needed 0 0 Direct labor rate per hour Total budgeted direct labor $ 0 $ 0 CA