Sheridan Furniture builds high-end hand-made dining tables. Attacus Simmons, the company's owner, has developed the following sales forecast for 2022 4th Quarter 1st Quarter 2.700 2nd Quarter 3.400 3rd Quarter 2.800 Forecasted sales (tables) 1.900 Because of the time needed to create each table, Sheridan maintains an ending Finished Goods Inventory of 20% of the following quarter's budgeted sales. Sheridan has been following this inventory policy for several years. The company ended 2021 with 475 tables on hand. The standard cost card for a table is as follows: Standard Quantity Total Standard Cost $80 32 Standard Price $4/board foot $8/square $15/DLH S45/DLH $12/DLH American cherry wood American cherry turning square (legs) Direct labor Variable overhead Fixed overhead 20 board feet 4 squares 8 DLH 8 DLH BDLH 120 360 96 $688 Assume that because of the skill level required to make the tables, Sheridan cannot easily hire additional workers to handle peaks in demand. Consequently, the company maintains a steady workforce of 40 employees and guarantees each worker 500 hours per quarter. For any additional time required to complete the scheduled production, these same workers earn 1.5 times their normal hourly rate. Prepare Sheridan's direct labor budget for 2022. (Round overtime rate to 2 decimal place, es 52.75 and all other answers to decimal places, eg 5,275.) 1st Quarter Direct Labor Budget 2nd Quarter 3rd Quarter 26240 20960 DLH needed 23240 20000 20000 20000 > DLH available 960 3240 6240 Overtime hours 225 22.5 $ $ 22.5 Overtime rate $ $ 21600 140400 S $ s 72900 $ Overtime cost 300000 300000 300000 Regular hours.cost $ 321600 $ 372900 440400 $ 490400 Budgeted DL cost 2nd Quarter 3rd Quarter 4th Quarter Annual 26240 20960 16160 20000 20000 20000 6240 6240 960 i 9120 $ 22.5 22.5 $ $ 225 $ $ 140400 140400 21600 $ 300000 300000 228000 s 440400 $ 321600 $ $