Preston, Inc. manufactures model airplane kits and projects production at 250, 360, 200, and 450 kits for the next four quarters. (Click the icon to view the manufacturing information.) Prepare Preston's direct materials budget, direct labor budget, and manufacturing overhead budget for the year. Round the direct labor hours needed for production, budgeted overhead costs, and predetermined overhead allocation rate to two decimal places. Round other amounts to the nearest whole number. Begin by preparing Preston's direct materials budget. Direct materials (ounces) per kit Direct materials needed for production Plus: Total direct materials needed Less: Budgeted purchases of direct materials Direct materials cost per ounce Budgeted cost of direct materials purchases Preston, Inc. Direct Materials Budget For the Year Ended December 31 First Quarter Second Quarter Third Fourth Quarter Quarter Total