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More info Direct materials are 3 ounces of plastic per kit and the plastic costs $3 per ounce. Indirect materials are considered insignificant and are not included in the budgeting process. Beginning Raw Materials Inventory is 950 ounces, and the company desires to end each quarter with 20% of the materials needed for the next quarter's production. Oliver desires a balance of 260 ounces in Raw Materials Inventory at the end of the fourth quarter. Each kit requires 0.25 hours of direct labor at an average cost of $25 per hour. Manufacturing overhead is allocated using direct labor hours as the allocation base. Variable overhead is $0.80 per kit, and fixed overhead is $125 per quarter. Oliver, Inc. manufactures model airplane kits and projects production at 450, 450, 200, and 350 kits for the next four quarters. (Click the icon to view the manufacturing information.) Prepare Oliver's direct materials budget, direct labor budget, and manufacturing overhead budget for the year. Round the direct labor hours needed for production, budgeted overhead costs, and predetermined overhead allocation rate to two decimal places. Round other amounts to the nearest whole number. TU HIS Iu usu UCHING First Second Third Fourth Quarter Quarter Quarter Quarter Total Budgeted kits to be produced 450 450 200 350 1,450 3 Direct materials (ounces) per kit 3 3 3 Direct materials needed for production 1,350 1,350 600 1,050 4,350 Plus: Desired direct materials in ending inventory 270 120 210 260 260 Total direct materials needed 1,620 1,470 810 1,310 4,610 Less: Direct materials in beginning inventory 950 270 120 210 950 Budgeted purchases of direct materials 670 1,200 690 1,100 3,660 Direct materials cost per ounce 3 $ 3 $ 3 $ 3 $ 3 $ Budgeted cost of direct materials purchases 2,010 $ 3,600 $ 2,070 $ 3,300 $ 10,980 Prepare the direct labor budget. (Enter any hours as a decimal to two places, XXX, and round all other amounts to the nearest whole number.) Oliver, Inc. Direct Labor Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total $ A GA Direct labor hours needed for production Budgeted direct labor cost