Sales Budget Production Budget Direct Mtls Budget Direct Lbr Budget Factory OH Budget Selling Exp Budget Admin Exp Cost of Income BudgetGoods Sold Statement Requirement Prepare the Direct Materials Budget for Ham Inc. Company. Company policy calls for a given quarter's ending raw materials inventory to equal 50% of next quarter's expected materials needed for production. The prior year-end inventory is 2,400 lbs of materials, which complies with the policy. The company expects to have 3,840 lbs. of materials in inventory at year-end. The product's manufacturing cost is $191 per unit, including per unit costs of $112 for materials (8 lbs. at $14 per Ib.), $60 for direct labor (3 hours x $20 direct labor rate per hour), $15 for variable overhead, and $4 for fixed overhead. Show less Ham Inc. Direct Materials Budget For the year ended December 31, 2018 First Qtr. Second Qtr. Third Qtr. Fourth Qtr. Total Budgeted production (units) Materials needed for production (pounds) Total materials requirements (pounds) Materials to be purchased (pounds) Total cost of direct materials purchases Sales Budget Production Budget Direct Mtls Budget Direct Lbr Budget Factory OH Budget Selling Exp Budget Admin Exp Cost of Income BudgetGoods Sold Statement Requirement Prepare the Direct Materials Budget for Ham Inc. Company. Company policy calls for a given quarter's ending raw materials inventory to equal 50% of next quarter's expected materials needed for production. The prior year-end inventory is 2,400 lbs of materials, which complies with the policy. The company expects to have 3,840 lbs. of materials in inventory at year-end. The product's manufacturing cost is $191 per unit, including per unit costs of $112 for materials (8 lbs. at $14 per Ib.), $60 for direct labor (3 hours x $20 direct labor rate per hour), $15 for variable overhead, and $4 for fixed overhead. Show less Ham Inc. Direct Materials Budget For the year ended December 31, 2018 First Qtr. Second Qtr. Third Qtr. Fourth Qtr. Total Budgeted production (units) Materials needed for production (pounds) Total materials requirements (pounds) Materials to be purchased (pounds) Total cost of direct materials purchases