Exercise 7-4 Preparing Direct Moterials and Direct Lobour Budgets (LO2 - CC7, 8) - EDITED The production department of Hareston Company has submitted the following forecast of units to be produced by quarter for the upcorning fiscal year In addition, the beginning raw materal's inventory for the first quarter is budgeted to be 1.800 kolograms and the beginning accounts payable for the first quarer are budceted to be $3.340 Each unit requires 28 kograms of raw material that costs $220 pet kiogram. Management desires to end each quarter with an imventory of rawimaterials equal to 10% of the following quarter's production needs The desired ending imventory for the fourth quarter is 2,100 kilograms Mariagement plans to pay for 80% of raw motenal purchases in the quarter acquired and 20% in the following quartes Each unit requires 0.6 direct labour hours and direct labour-hour workers are paid 518.0 per hour Required: 1. Prepare the compony's direct materals budget (Round your answer to the neorest whole dollar amount) 2. Prepure the compary's direct labour budget for the upcoming fikcal yeociassumpg that ve diest tabour wooforce is odjuitect each