Prepare a production budget by quarters for the 6-month period ended June 30,2022. CRANE COMPANY Production Budget Quarter 1 2 Mont! Oriole Company's manufacturing overhead budget shows total variable costs of $201,960 and total fixed costs of $165,240. Total production in units is expected to be 153,000 . It takes 20 minutes to make one unit, and the direct labor rate is $25 per hour. Express the manufacturing overhead rate as (a) a percentage of direct labor cost. and (b) an amount per direct labor hour. (Round manufacturing overhead rate as a percentage of direct labor cost to 0 decimal places and as an amount per direct labor hour to 2 decimal places, eg. 125.47.) (a) \% (b) $ On January 1.2022, the Crane Company budget committee has reached agreement on the following data for the 6 months ending June 30,2022 Sales units: Ending raw materials imventory: Ending finished goods inventory: Third-quarter production: First quarter 6,300; second quarter 7,560; third quarter 8,820. 40% of the next quarter's production requirements. 25% of the next quarter's expected sales units. 9,170 units. The ending raw materials and finished goods inventories at December 31, 2021, follow the same percentage relationships to production and sales that occur in 2022. Three pounds of raw materials are required to make each unit of finished goods. Raw materials purchased are expected to cost $4 per pound. (a) Prepare a production budget by quarters for the 6-month period ended June 30, 2022. CRANE COMPANY Production Budget Quarter