MCO Leather manufactures leather purses. Each purse requires $2$ pounds of direct materials at a cost of $$4$ per pound and $0\mathrm{.}7$ direct labor hour at a rate of $$13$ per hour. Variable overhead is budgeted at a rate of $$3$ per direct labor hour. Budgeted fixed overhead is $$15,000$ per month. The company's policy is to end each month with direct materials inventory equal to $30\%$ of the next month's direct materials requirement. At the end of August the company had $2,640$ pounds of direct materials in inventory. The company's production budget reports the following.Production Budget September October NovemberUnits to produce$4,4006,5005,900(1)$ 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.