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Exercise 7.4 Preparing Direct Materials and Direct Labour Budgets (L02-CC7,8) - EDITED The production department of Hareston Company has submitted the following forecast of units to be produced by Quartet for the upcoming fiscal year Units to be produced Ist Quarter 7.600 2nd Quarter 3,600 3rd Quarter 6,500 Quarter 5. In addition, the beginning raw materials inventory for the first quarter is budgeted to be 1700 kilograms and the beginning accounts payable for the first quarter are budgeted to be $3.240 Each unit requires 26 kilograms of raw material that costs $2.00 per kilogram Management desires to end each quarter with an inventory of raw materials equal to 10% of the following quarter's production needs. The desired ending Inventory for the fourth quarter is 1,950 kilograms. Management plans to pay for 80% of raw material purchases in the quartet acquired and 20% in the following quarter. Each unit requires 0.6 direct labour-hours, and direct labour-hour workers are paid $170 per hout Required: 1. Prepare the company's direct materials budget. (Round your answer to the nearest whole dollar amount.) HARESTON COMPANY Required: 1. Prepare the company's direct materials budget (Round your answer to the nearest whole dollar amount.) .) Year Raw materials to be purchased (kilograms) Add: Desired ending inventory Total noods (kilograms) Deduct Beginning inventory Raw materials to be purchased (kilograms) Cost of raw materials to bo purchased HARESTON COMPANY Direct Materials Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 19.780 22,360 17.180 2,236 1.710 1456 21,990 24,070 18.610 1,700 2,236 1,7161 20,296 21,840 16.000 40,502 43.680 33.800 2. Prepare the company's direct labour budget for the upcoming fiscal year, assuming that the direct labur wonderes de quarter to match the number of hours required to produce the forecasted number of units produced not round intermediate calculations.) Total direct labour-hours needed Total direct labour cost HARESTON COMPANY Direct Labour Budget 1st Quarter 2nd Quarter 3rd Quarter 4,500 5.150 5 129.2001 $ 166.2007 s 112.2001 4th Quarter Year 3.000