Exercise 7-5 Preparing Direct Labour and Manufacturing Overhead Budgets (LO2CC8,9) The production department of Raredon Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year Each umit requires 13 direct labour-hours, and direct labour-hour workers wre pald $20 per hour In addition, the variable manufacturing overhead rate is $1.49 per direct labour hour the fixed manufacturing overhes a is $166,500 per quarter. The ony noncash element of manufacturng overhead is depreciation, which is $50500 per quarter. Required: 1. Prepare the company's direct labour budget for the upcoming fiscal year, 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. 2. Prepare the company's manufacturing overhead budget