Question: Please help, I am not certain I this is correct and now I am stuck. Thank you in advance. Oliver, Inc. manufactures model airplane kits

Please help, I am not certain I this is correct and now I am stuck. Thank you in advance.

Please help, I am not certain I this is correct and nowI am stuck. Thank you in advance. Oliver, Inc. manufactures model airplanekits and projects production at 300, 330, 350, and 400 kits forthe next four quarters. A (Click the icon to view the manufacturing

Oliver, Inc. manufactures model airplane kits and projects production at 300, 330, 350, and 400 kits for the next four quarters. A (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. Oliver, Inc. Direct Materials Budget For the Year Ended December 31 First Second Quarter Quarter Third Fourth Quarter Quarter Total Budgeted kits to be produced 300 330 350 400| 1380 20 15001 1650 1750 6900 495 280 1900 Direct materials (ounces) per kit Direct materials needed for production Plus: Desired direct materials in ending inventory Total direct materials needed Less: Direct materials in beginning inventory Budgeted purchases of direct materials Direct materials cost per ounce 1995 2175 2280 8800 Budgeted cost of direct materials purchases * More Info Direct materials are 5 ounces of plastic per kit and the plastic costs $2 per ounce. Indirect materials are considered insignificant and are not included in the budgeting process. Beginning Raw Materials Inventory is 860 ounces, and the company desires to end each quarter with 30% of the materials needed for the next quarter's production. Oliver desires a balance of 280 ounces in Raw Materials Inventory at the end of the fourth quarter. Each kit requires 0.75 hours of direct labor at an average cost of $35 per hour. Manufacturing overhead is allocated using direct labor hours as the allocation base. Variable overhead is $0.75 per kit, and fixed overhead is $155 per quarter. Prepare the direct labor budget. (Enter any hours as a decimal to two places, X.XX, and round all other amounts to the nearest whole number.) Oliver, Inc. Direct Labor Budget For the Year Ended December 31 First Second Third Quarter Quarter Quarter Fourth Quarter Total Budgeted kits to be produced Direct labor hours per unit Direct labor hours needed for production Direct labor cost per hour Budgeted direct labor cost Prepare the manufacturing overhead budget. (Enter all costs and hours as a decimal to two places, X.XX. Abbreviations used: VOH = variable manufacturing overhead; FOH = fixed manufacturing overhead.) Prepare the manufacturing overhead budget. (Enter all costs and hours as a decimal to two places, X.XX. Abbreviations used: VOH = variable manufacturing overhead; FOH = fixed manufacturing overhead.) Oliver, Inc. Manufacturing Overhead Budget For the Year Ended December 31 First Second Quarter Quarter Third Quarter Fourth Quarter Total Budgeted kits to be produced VOH cost per kit Budgeted VOH Budgeted FOH Budgeted manufacturing overhead costs Direct labor hours Budgeted manufacturing overhead costs Predetermined overhead allocation rate

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