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Homework: Week Five Exercises Chapter Question 7, E22-24 (similar to) HW Score: 30%, 3 of 10 points Part 1 of 3 Points: 0 of 1 Save Trevor, Inc. manufactures model airplane kits and projects production at 350, 270, 600, and 500 kits for the next four quarters. i(Click the icon to view the manufacturing information.) Prepare Trevor'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. Trevor, Inc. Direct Materials Budget For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Total Direct materials (ounces) per kit Direct materials needed for production Plus: Total direct materials needed More info Less: Budgeted purchases of direct materials Direct materials are 7 ounces of plastic per kit and the plastic costs $4 per ounce. Direct materials cost per ounce Indirect materials are considered insignificant and are not included in the budgeting process. Beginning Raw Materials Inventory is 930 ounces, and the company Budgeted cost of direct materials purchases desires to end each quarter with 10% of the materials needed for the next quarter's production. Trevor desires a balance of 270 ounces in Raw Materials Inventory at the end of the fourth quarter. Each kit requires 0.50 hours of direct labor at an average cost of $55 per hour. Manufacturing overhead is allocated using direct Help me solve this Demodocs example Get more help - labor hours as the allocation base. Variable overhead is $0.90 per kit, and fixed overhead is $125 per quarter. MacBook Pro