Prepare a cost of goods sold budget for the year. (Complete all input fields. Enter "0" for zero balances.) Luther, Inc. Cost of Goods Sold Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total Kits produced and sold Total budgeted cost of noods soldTrevor, Inc. manufactures model airplane kits. Direct materials are 2 ounces of plastic per kit and the plastic costs $5 per ounce. Indirect materials are considered insignificant and are not included in the budgeting process. Each kit requires 0.50 hours of direct labor at an average cost of $15 per hour. Manufacturing overhead is allocated using direct labor hours as the allocation base. The company has prepared the following budgets: (Click the icon to view the budgets.) Trevor projects sales of 500, 100, 700, and 600 kits for the next four quarters. Trevor has no kits in beginning inventory. Determine the cost per kit to manufacture the model airplane kits. Prepare a cost of goods sold budget for the year. Round amounts to two decimal places. Determine the cost per kit to manufacture the model airplane kits. (Round your answers to two decimal places, $XXX.) Total projected manufacturing cost per kitTrevor, Inc. Direct Materials Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total Budgeted kits to be produced 600 120 400 350 1,470 Direct materials (ounces) per kit 2 2 2 2 2 Direct materials needed for production 1,200 240 800 700 2,940 70 Plus: Desired direct materials in ending inventory 24 80 290 290 Total direct materials needed 1,224 320 870 990 3,230 24 80 70 Less: Direct materials in beginning inventory 950 950 Budgeted purchases of direct materials 274 296 790 920 2,280 $ 5 S 5 S 5 5 Direct materials cost per ounce $ 5 $ 1,370 1,480 S 3,950 $ 4,600 $ 11,400 Budgeted cost of direct materials purchases Trevor, Inc. Direct Labor Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total Budgeted kits to be produced 600 120 400 350 1,470 50 50 50Direct labor hours per unit 0.50 0.50 0.50 0.50 0.50 Direct labor hours needed for production 300.00 60.00 200.00 175.00 735.00 S 15 S Direct labor cost per hour 15 15 S 15 15 4,500 S 900 S 3,000 S 2,625 11,025 Budgeted direct labor cost Trevor, Inc. Manufacturing Overhead Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total Budgeted kits to be produced 600 120 400 350 1,470 VOH cost per kit 0.50 S 0.50 0.50 $ 0.50 $ 0.50 Budgeted VOH 300.00 $ 60.00 $ 200.00 $ 175.00 $ 735.00 Budgeted FOH 175.00 175.00 175.00 175.00 700.00 $ 475.00 235.00 375.00 350.00 $ 1,435.00 Budgeted manufacturing overhead costs Direct labor hours 300.00 60.00 200.00 175.00 735.00 Budgeted manufacturing overhead costs $ 1,435.00 S Predetermined overhead allocation rate 1.95