Minden Company Balance Sheet April 30 Assets Cash $ 9,000 Accounts receivable 54,000 Inventory 30,000 Buildings and equipment, net of depreciation 207,000 Total assets $300,000 Liabilities and Stockholders' Equity Accounts payable $ 63,000 Note payable 14,500 Common stock 180,000 Retained earnings 42,500 Total liabilities and stockholders' equity $300,000 2. The Production Department of Hruska Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year: 1st Quarter2nd Quarter3rd Quarter4th Quarter Units to be produced 12,000 10,000 13,000 14,000 Each unit requires 0.2 direct labor-hours and direct laborers are paid $12.00 per hour. In addition, the variable manufacturing overhead rate is $1.75 per direct labor-hour. The fixed manufacturing overhead is $86,000 per quarter. The only noncash element of manufacturing overhead is depreciation, which is $23,000 per quarter. Required: 1. Calculate the company's total estimated direct labor cost for each quarter of the upcoming fiscal year and for the year as a whole. 2. & 3. Calculate the company's total estimated manufacturing overhead cost and the cash disbursements for manufacturing overhead for each quarter of the upcoming fiscal year and for the year as a whole. Hruska Corporation Direct Labor Budget 2nd 1st Quarter Quarter 12,000 0.2 0.2 Year 3rd Quarter 13,000 0.2 4th Quarter 0.2 0.2 Required production in units ..... Direct labor time per unit (hours) Total direct labor-hours needed Direct labor cost per hour Total direct labor cost..... 2,400 $12.00 $28,800 $ 2,600 $12.00 $31,200 $12.00 $ $12.00 $ 2 and 3. Hruska Corporation Manufacturing Overhead Budget 1st Quarter 2,400 2nd Quarter 3rd Quarter 2,600 4th Quarter Year $1.75 $1.75 $1.75 $1.75 $1.75 Budgeted direct labor-hours..... Nariable manufacturing overhead rate Variable manufacturing overhead ... Fixed manufacturing overhead.. Total manufacturing overhead .. Less depreciation. Cash disbursements for manufacturing overhead $ 86,000 90,200 $ 3,500 86,000 89,500 23,000 $ 86,000 $ $ 86,000 344,000 90,900 23,000 23,000 $67,200 $ $ $67,900 $