... VVCCN OIA Urlapter Exercises Save ting Score: 0 of 1 pt 12 of 15 (3 complete) HW Score: 20%, 3 of 15 pts E22-25 (similar to) Question Help Homer, Inc. manufactures model airplane kits and projects production at 250, 330, 450, and 400 kits for the next four quarters Direct materials are $7 per kit. Indirect materials are considered insignificant and are not included in the budgeting process. Beginning Raw Materials Inventory is $400, and the company desires to end each quarter with 10% of the materials needed for the next quarter's production. Homer desires a balance of $400 in Raw Materials Inventory at the end of the fourth quarter. Each kit requires 0.50 hours of direct labor at an average cost of $20 per hour. Manufacturing overhead is allocated using direct labor hours as the allocation base. Variable overhead is $0.40 per kit, and fixed overhead is $135 per quarter. Prepare Homer's direct materials budget, direct labor budget, and manufacturing overhead budget for the year. Round the direct labor hours needed for production, budgeted overhead costs, and predetermined overhead allocation rate to two decimal places. Round other amounts to the nearest whole number Homer, Inc Direct Materials Budget For the Year Ended December 31 First Second Quarter Quarter Third Quarter Fourth Quarter orre Total Direct materials cost per unit Direct materials needed for production Plus Total direct materials needed Less Budgeted purchases of direct materials Choose from any list or enter any number in the input fields and then click Check Answer 2 Check Answer parts remaining Clear All This course (ACCT 1090 V0852) is based on Custom MyAccountingLab for ACCTG 1090 for Macomb Community College