Additional information: a. Direct materials purchases are paid 50 % in the quarter purchased and 50% in the next quarter. b. Direct labor, manufacturing overhead, selling and administrative costs, and income tax expense are paid in the quarter incurred. c. Accounts payable at December 31, 2024, are paid in the first quarter of 2025.

Do Requirement 2. Prepare Langley Company's budgeted.

Lenqley Company' has the folowirg cost-closirg "rial belanse cn Cecember 31,2024 : 'Clirk the icon te vise the post-rinsing trial hilarem.) The compeny's accounting vepsrtrent hes gsthered the following budgeting infomation for the first que ter of 2025 . Requirement 1. Prepare Langley Company's budgeted income statement for the first quarter of 2025. Requirement 2. Prepare Langley Company's budgeted balance sheet as of March 31, 2025. Data table \begin{tabular}{r|l} c. & Data table \\ Re \end{tabular}