3 Exercise 7.5 Preparing Direct Labour and Manufacturing Overhead Budgets (LO2-CC8,9) 8 The production department of Raredon Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year 2nd 3rd 4th Quarter Quarter Quarter Quarter Units to be produced 23,000 27,000 26,900 23,600 ok Each unit requires 14 direct labour hours, and direct labour-hour workers are paid $21 per hour. In addition, the variable manufacturing overhead rate is $130 per direct labour hour. The fixed manufacturing overheads $162.000 per quarter. The only noncash element of manufacturing overhead is depreciation, which is $46,000 per quante Required: 1. Prepare the company's direct labour budget for the upcoming fiscal yer assuming that the direct labour workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced RAREDON CORPORATION Der Labour Budget 1 Quarter 2nd Quarter are Oaama - QuartHH Total Grect bou hours needed Total direct labour cost 2. Prepare the company's manufacturing overhead budget RAREDON CORPORATION