Wilter, Inc. manufaclures model airplane kits and projects production at 500, 220, 800, and 350 kils for the next four quarters. (Click the icon to view the manufacturing Information.) Prepare Wilber'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. Begin by preparing Wilber's direct materials budget. i More Info Wilber, Inc. Direct Materials Budget For the Year Ended December 31 First Second Quarter Quarter Third Quarter Fourth Quarter Total Direct materials are 2 ounces of plastic per kit and the plastic costs $2 per ounce. Indirect materials are considered insignificant and are not included in the budgeting process. Beginning Raw Materials Inventory is 940 ounces, and the company desires to end each quarter with 30% of the materials needed for the next quarter's production, Wilber desires a balance of 280 ounces in Raw Materials Inventory at the . of average cost of $45 per hour. Manufacturing overhead is allocated using direct labor hours as the allocation base. Variable overhead is SO.30 per kit, and fixed overhead is $170 per quarter. Direct materials (ounces) per kit Direct materials needed for production Plus Total direct materials needed Lees: Print Done Budgeted purchases of direct materiale Direct materials cost per ounce Budgeted cost of direct materials purchases