1) From the following details provided by NutShell Inc., prepare the manufacturing overhead budget for the year 2016.11 First Quarter 15,000 $45 Second Quarter 18,000 $45 Third Quarter 21,000 $45 Fourth Quarter 24,000 $45 Budgeted production units Variable overhead cost per unit Fixed overhead costs: Depreciation Supplies, insurance Direct labor hours $3,000 5,000 12,500 $3,000 5,750 7,500 $3,000 6,250 17,200 $3,000 7,250 12,800 Prepare the manufacturing overhead budget for the year 2015. Also, calculate the overhead allocation rate, using direct labor hours as the allocation base. NutShell Inc. Manufacturing Overhead Budget For the Year Ended December 31, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Total Budgeted units to be produced 2) From the following details provided by NutShell Inc., prepare the cost of goods sold budget for the year 2016. Direct material per unit Direct labor hours per unit Direct labor rate per hour Manufacturing overhead cost per direct labor hour Beginning inventory units Selling price per unit $65 2 hours $50 $20 1,000 $250 First Quarter 15,000 Second Quarter 18,000 Third Quarter 21,000 Fourth Quarter 24,000 Budgeted units to be produced Assume that Nutshell Inc. has no closing stock at the end of each month. NutShell Inc. Cost of Goods Sold Budget For the Year Ended December 31, 2016 Fourth First Quarter Second Quarter Third Quarter Quarter Beginning Inventory