Part I-Budgeting Gnome Place Like Home LTD. manufactures small garden gnome statues and is working on next period's production budget. Each gnome needs 3 pounds of materials at a cost of $4 per pound and 45 minutes of direct labor at a rate of $16 per hour. Variable overhead is charged at $1 per direct labor hour while fixed overhead for the period is budgeted at $40,000. The company's policy for materials is to have an ending balance equal to 30% of next month's materials requirement. The beginning materials balance for this period is 3,000 pounds. Units to be produced for this period is 7,000 while there are plans to produce 5,500 units in the following period. Using the excel template from Blackboard (use formulas wherever possible): A) Prepare the period's direct materials budget B) Prepare the period's direct labor budget C) Prepare the period's overhead budget