Oliver Inc manufactures model airplane kits. Direct materials are 2 ounces of plastic per kit and the plastic costs $2 per ounce. Indirect materials aren't included in the budgeting process. Each kit requires 0.75 hours of direct labor at an average cost of $15 per hour. Manufactering overhead is allocated using direct labor hours as the allocation base.

Oliver projects sales of 300, 100, 700, and 100 kits for the next four quarters. Oliver has no kits in the beginning inventory. Determine the cost per kit to manufacture the model airplane kits.

Determine the cost per kit to manufacture the model airplane kits. (Round your answers to two decimal places, $XXX) Direct materials cost per kit Direct labor cost per kit Manufacturing overhead cost per kit Total projected manufacturing cost per kit Prepare a cost of goods sold budget for the year. (Complete all input fields. Enter "0" for zero balances.) Preston, Inc. Cost of Goods Sold Budget For the Year Ended December 31 First Second Third Quarter Quarter Quarter Fourth Quarter Total Beginning inventory Kits produced and sold Total budgeted cost of goods sold Oliver, Inc. Direct Materials Budget For the Year Ended December 31 First Quarter Second Quarter Third Quarter Fourth Quarter Total 1,630 350 2 330 2 200 2 750 2 400 700 199 660 120 1,500 290 3,260 290 450 Budgeted kits to be produced Direct materials (ounces) per kit Direct materials needed for production Plus: Desired direct materials in ending inventory Total direct materials needed Less: Direct materials in beginning inventory Budgeted purchases of direct materials Direct materials cost per ounce Budgeted cost of direct materials purchases B99 880 780 198 850 120 1790 450 3,550 880 18 25 582 2$ 730 25 1,340 23 2670 2 5 $ 36 $ 1.164 $ 1.450 $ 2,680 $ 5,340 Total Oliver, Inc. Direct Labor Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Budgeted kits to be produced 350 330 200 750 0.75 0.75 0.75 0.75 Direct labor hours per unit Direct labor hours needed for production 262 50 247 50 150.00 562.50 $ 15 $ 15 $ Direct labor cost per hour 3,938 $ 3,713 $ 2,250 $ 8.438 $ Budgeted direct labor cost 1,630 0.75 1,222 50 15 15 $ 18,338 Oliver, Inc. Manufacturing Overhead Budget For the Year Ended December 31 First Second Third Quarter Quarter Quarter Fourth Quarter Total 350 0.30 $ 330 0.30 $ 200 0.30 $ 750 0.30 $ 1,630 0.30 Budgeted kits to be produced VOH cost per kit Budgeted VOH Budgeted FOH Budgeted manufacturing overhead costs 105.00 $ 130.00 99.00 $ 130.00 60.00 $ 130.00 190.00 $ 225.00 $ 489.00 130.00 520.00 355.00 $ 1.009.00 235.00 $ 229.00 $ 262.50 247 50 150.00 Direct labor hours Budgeted manufacturing overhead costs 562 50 $ $ 1,222.50 1,009,00 0.83 Predetermined overhead allocation rate