Score: 0 of 20 pts Sof7(4 complete) HW Score: 18.67%, 18.67 of 100 pts E22-24 (similar to) Question Help Oliver, Inc manufactures model airplane kits and projects production at 400, 420, 650, and 350 kits for the next four quarters click the icon to view the manufacturing information Prepare Oliver a direct materials budget direct labor budget and manufacturing overhead budget for the year. Round the direct labor hours needed for producton budgeted overhead costs, and predetermined overhead allocation rate to two decimal places Round other amounts to the nearest whole number Begin by preparing Oliver's direct materials budget Ollverine Direct Material Budget For the Year Ended December 31 First Second Quarter Quarter Third Fourth Quarter Quarter Total Direct materials (unos) perut Directmaterials needed for production Plus Total direct materials needed Legs Budgeted purchases of direct material Directmaterials cost per unde Budgeted cost of Grect matonals purchases More Info Direct metenals se 5 ounces of plasic per kit and the plasic costs $2 per ounce Indirect materials are considered insignificant and are notincluded in the budgeting process Beginning Raw Materials inventory is 940 ounces, and the company dearesto and each quarter with 10% of the materials needed for the next quarter's production Ower desires a balance of 290 ounces in Raw Materials twentory at the end of the fourth quarter. Each i trequires 0.75 hours of direct laborat en average cost of $25 per hour Manufactung overhead is allocated using direct labor hours as the alocation base Variable overhead is $0 70 per kit and fed overhead is 1175 per quarter Print Done