Wilber, Inc. manufactures model airplane kits and projects production at 400,330,150, and 350 kits for the next four quarters. i. (Click the icon to view the manufacturing information.) Prepare Wilber's clirect 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. Begin by preparing Wilber's direct materials budget. of plastic per kit and the plastic costs $5 per ounce. Inarect matenas are consioered insignilicant and are not included in the budgeting process. Beginning Raw Materials Inventory is 870 ounces, and the company desires to end each quarter with 20% of the materlals needed for the next quarter's production. Wilber desires a balance of 300 cunces in Raw Materials Irventory at the end of the fourth quarter. Each kit requires 0.50 hours of direct labor at an average cost of $45 per hour. Manufacturing overhead is allocated using direct labor hours as the allocation base. Variable overhead is $0.75 per kit, and fixed overhead is $175 per quarter