Problem E ( 9 points) Hawkeye Corporation has established the following direct labor and direct material budget figures based on a production level of 30,000 units: Direct labor-180,000 hours and $3,240,000 Direct material75,000 During the first quarter of the current year 8,500 units were produced and the following information was recorded in the Hawkeye Corporation accounting records: Direct labor $986,000 and for 49,300 hours Direct material 21,000 pounds and $88,200 Determine the flexed budget for the first quarter using the above information. SHOW YOUR WORK and place your answer in the space provided at the left. 1. Direct labor 2. Direct material