Requirement 1. Prepare the following budgets. a. Prepare the revenues budget. b. Prepare the production budget in units. b. Prepare the production budget in units. Production Budget For the Month of March c. Prepare the direct material usage budget and direct material purchases budget. Begin with the physical units portion, then prepare the cost budget portion of the direct material Direct Material Usage Budget in Quantity and Dollars For the Month of March Hale Specialties manufactures, among other things, woolen blankets for the athletic tearns of the Manufacturing overhead (both var L. . Material usage buogot in Guantity ana voitars For the Month of March Physical Units Budget Direct materials required for Broncos Rams Total quantity of direct material to be used Cost Budget \begin{tabular}{|r|r|r|r|} \hline 5 & yds. & 0 yds: & \\ \hline 150 & yds: & 150 & \\ \hline 750 & 150 & \\ \hline & yds: & 150 \\ \hline & yds: & 150 & \\ \hline \end{tabular} Available from beginning direct materials inventory (under a FIFO cost-flow assumption) Broncos Rams To be purchased this period Broncos Rams Direct materials to be used this period Hale Specialties manufactures, among other things, woolen blankets for the athletic teams of the (U) Manufacturing overhead ( d. Prepare the direct manufacturing labor costs budget. (Abbreviation used: DMLH = Direct manufacturing labor hours) Hale Specialties manufactures; among other things, woolen blankets for the athletic teams of the y. Manufacturing d. Prepare the direct manufacturing labor costs budgot. (Abbreviation used: DMLH = Direct manufacturing labor hours) Direct Manufacturing Labor Costs Budget e. Prepare the marnufacturing overhead costs budget. Start by selecing the formula, and calculating the budgeted variable manufacturing overhead costs for March. 7. Prepere the anding invontories budget (direct matorials and finished goods). manufacturing evechead rate is the total foced manufacturing overhead divided by the fotal direct mandacturing labor houn. Hale Specialties manufactures, among other things, woolen blankets for the athletic teams of the Now prepare the enaing inventones puaget. g. Prepare the cost of goods sold budget. budget schedules in requirement 1 . By inereasing the target anding finished goods inventory. Hale Specialties wal reduce bie production budgat therafore conitinally improve ihe dired makenal purchases bubget. To continually improve the direct material usage budget, the company should verty that the begineing inveribcy is as kiw as posiblie to decrase the makeials used derking putiction: Hale Speciaties can continually improve variable manufacturing overtiead by budgeling mare efficient use of the alocabicn base. Qirect manufacturing labor can incorporate continuous improvement by fevising the budgated usage of 4 hours and 5 houra on a moraly hasis