Exercise 20-16 Manufacturing: Direct materials, direct labor, and overhead budgets LO P1 Ornamental Sculptures Mfg. manufactures garden sculptures. Each sculpture requires 9 pounds of direct materials at a cost of $3 per pound and 0.4 direct labor hours at a rate of $16 per hour. Variable manufacturing overhead is charged at a rate of $2 per direct labor hour, Fixed manufacturing overhead is $4,900 per month. The company's policy is to maintain direct materials inventory equal to 30% of the next month's materials requirement. At the end of February the company had 4,880 pounds of direct matrials in inventory. The company's production budget reports the following. Production Budget Units to be produced March April 4,000 4,600 Hay 5,500 (1) Prepare direct materials budgets for March and April. (2) Prepare direct labor budgets for March and April. (3) Prepare factory overhead budgets for March and April. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare direct materials budgets for March and April. ORNAMENTAL SCULPTURES MFG. Direct Materials Budget For the Months of March and April