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15 Exercise 20-16 Manufacturing: Direct materials, direct labor, and overhead budgets LO P1 1 points Ornamental Sculptures Mig, manufactures garden sculptures. Each sculpture requires 8 pounds of direct materials at a cost of $3 per pound and 0.4 direct labor hours at a rate of $16 per hour. Variable manufacturing overhead is charged at a rate of $3 per direct labor hour. Fixed manufacturing overhead is $3,600 per month. The company's policy is to maintain direct materials inventory equal to 30% of the next month's materials requirement. At the end of February the company had 4,480 pounds of direct materials in Inventory. The company's production budget reports the following Production Budget March April May Units to be produced 3,500 4,600 5,100 (1) Prepare direct materials budgets for March and April (2) Prepare direct labor budgets for March and April (3) Prepare factory overhead budgets for March and April Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare direct materials budgets for March and April ORNAMENTAL SCULPTURES MFG. Direct Materials Budget For the Months of March and April March April Budgeted production (units) 3.500 4,600 Materials requirements per unit (lbs) 8 Materials needed for production 28,000 36,800 Budgeted ending inventory (lbs.) 8,400 11,040 Total materials requirements (bs) 36,400 47,840 Budgeted beginning inventory (lbs.) (4.840) (8.400) Materials to be purchased (lbs.) 31,560 39,440 Direct material cost perib S 3S 3 Total budgeted direct materials $94.680 $ 118,320 (lbs) Recured? >

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