show the details for each labor cost category. whole number.) More info In addition to wages, direct manufacturing labor-related costs include pension contributions of $0.50 per hour, worker's compensation insurance of $0.15 per hour, employee medical insurance of $0.30 per hour, and Social Security taxes. Assume that as of January 1,2021 , the Social Security tax rates are 7.5% for employers and 7.5% for employees. The cost of employee benefits paid by McGrath on its direct manufacturing employees is treated as a direct manufacturing labor cost. McGrath has a labor contract that calls for a wage increase to $11 per hour on April 1, 2021. New labor-saving machinery has been installed and will be fully operational by March 1,2021. McGrath expects to have 17,000 frames on hand at December 31, 2020, and it has a policy of carrying an end-of-month inventory of 100% of the following month's sales plus 50% of the second following month's sales. Requirements 1. Prepare a production budget and a direct manufacturing labor cost budget for McGrath Company by month and for the first quarter of 2021. You may combine both budgets in one schedule. The direct manufacturing labor cost budget should include labor-hours and show the details for each labor cost category. 2. What actions has the budget process prompted McGrath's management to take? 3. How might McGrath's managers use the budget developed in requirement 1 to better manage the company