Note: Exercise E22-24 must be completed before attempting Exercise E22-25. E22-25 Preparing an operating budget-cost of goods sold budget Kefer to the budgets prepared in Exercise E22-24. Determine the cost per kit to manufacture the model airplane kits. Grady projects sales of 100, 150, 100, and 200 kits for the next four quarters. Prepare a cost of goods sold budget for the year. Grady has no kits in beginning inventory. Round amounts to two decimal places. Learning Objective 3 3rd Qtr. COGS $550 Direct Materials Budget Fourth Third Second First Total Quarter Quarter 450 6 Budgeted kits to be produced Drect materials (ounces) per kit 2000 8 Direct materials needs for production 9Plus: Desired direct materials in ending inventory (ounces) 10 Total: direct materials needed 200 240 Less: Direct materials in beginning inventory lounces) Sudgeted purchases of direct materials 3 Direct materials cost per ounce 1860 Grady Inc Direct Labor Budget 21 Total Charter 24 Budgeted kits to be produced Direct labor hours per unit 26 Direct labor hours needed for production 27 Oirect labor cost per hour 28 Budgeted direct labor cost Grady Inc Overtead Budget the Year End Fourth 7 Units Produced. Variable ovethead cent per 39 Total v 40 Fised overhead cos 1 Toral manufactuing overhead cot variable overhead cost E22-24 E22-25 E22-27 P22-3A P22-444+