Wiber, Inc, manufactures model airplane kits and projects production at 300, 420, 550, and 650 kits for the next four quarters. (Click the loon to vlew the manutecturing Intormation.) Prepare Wilber's direct materials budget, direc lbr budget, and manufacturing overhead budget for the year, Round the direct labor hours needed for production, budgeted overhead costs, and predelermined overhead allocation rate to two decinal places. Ro other amounts to the nearest whole number PART-1 Begin by preparing Wilber's direct matenals budget. Wilber, Inc. Direct Materials Budget For the Year Ended December 31 More Into First Third Fourth Quarter Quarter Quarter Total Direct materials are 5 ounces of plaslic per kit and the plastic costs $5 per ounce. Indirect materials are consldered Inslgnificant and are not included in the budgeting process, Begnning Raw Materials Inventory is 920 ounces, and the company desires to end Bach quarter with 20% of lhe materials needed for the next quarter's production. ilber deslres a balance of 200 ounces in Raw Materials Inventory at the end of the fourth quarter, Each kit requires 025 hours of direc: labor at an average cost of $22 per hour. Manufacturing overhead is allocaled using direct labor hours as the allocaton base. Varlable overhead is $0.40 per kit, and fixed overhead is $170 per quarter Direct materials (ounces) per kit Direct materials needed for production Total direct materials needed Budgeted purchases of direct meterials Direct materials cost per ounce Budgeted cost of direct materials purchases Print Done Choose from any list or enter any number in the input fields and then continue to the next