Austin, Inc manufactures model airplane kils and projects production at 500,360,400, and 350 kits for the next four quarters: (1. (Cick the icon to view the manulacturing information.) Prepare Austin'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 Begin by preparing Austir's direct materials budget Begin by preparing Austin's direct materials budget 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) Austin, Inc. Direct Labor Budget For the Year Ended December 31 More info Direct materials are two ounces of plastic per kit and the plastic costs $1 per ounce. Indirect materials are considered insignificant and are not included in the budgeting process. Beginning Raw Materials Inventory is 900 ounces, and the company desires to end each quarter with 10% of the materials needed for the next quarter's production. Austin desires a balance of 280 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 $35 per hour. Manufacturing overhead is allocated using direct labor hours as the allocation base. Variable overhead is $0.50 per kit. and fixed overhead is $150 per quarter