1 The Balance Sheet for Greensburg Batting Company at December 31, 2020 is as follows: Assets Current Assets: $20,000 Cash Accounts Receivable 18,500 Raw Materials Inventory 9,000 Finished Goods Inventory 16,000 $63,500 Total Current Assets 130,000 (70,000 60,000 Property Plant and Equipment Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities: $123.500 $11,600 $90,000 Accounts Payable Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 21,900 111.900 $123.500 Additional Information for the first quarter of 2021 is as follows: Additional Information for the first quarter of 2021 is as follows: 1. Forecasted Sales are 1,400 youth bats and 3,300 adult bats 2. Finished Goods Inventory on 12/31/20 includes 700 youth bats at $15 each and 550 adult bats at $10 each 3. Desired ending Finished Goods Inventory is 220 youth bats and 300 adult bats 4. Direct materials requirements are 40 ounces of wood for youth bats and 70 ounces of wood for adult bats. The cost of wood is $0.10 per ounce. 5. Raw Materials Inventory on 12/31/20 includes 90,000 ounces of wood at $0.10 per ounce. 6. Desired ending Raw Materials Inventory is 90,000 ounces. 7. Each bat requires 0.4 hours of direct labor at $26 per hour. 8. Variable manufacturing overhead is $0.30 per bat. 9. Fixed manufacturing overhead includes $1,300 per quarter in depreciation and $14,977 per quarter for other costs, such as insurance and taxes. 10. Fixed selling and administrative expenses include $13,000 per quarter for salaries, $3,500 per quarter for rent, $1,400 per quarter for insurance, and $450 per quarter for depreciation 11. Variable selling and administrative expenses include supplies at 1% of sales. I GREENSBURG BATTING COMPANY Cost of Goods Sold Budget For the Quarter Ended March 31, 2021 Youth Bats Adult Bats Total GREENSBURG BATTING COMPANY Budgeted Income Statement For the Quarter Ended March 31, 2021 GREENSBURG BATTING COMPANY Manufacturing Overhead Budget For the Quarter Ended March 31, 2021 Youth Bats Adult Bats Total Predetermined Overhead Rate Calculation GREENSBURG BATTING COMPANY Selling and Administrative Expense Budget For the Quarter Ended March 31, 2021 Budget Project Template Ra GREENSBURG BATTING COMPANY Selling and Administrative Expense Budget For the Quarter Ended March 31, 2021