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9 of 10 Score: 0 of 20 pts P22-39A (book/static) designed for The company has prepared the following budgets: The Mata Batting Company manufactures wood baseball bats Mata's sporting goods stores and all sales are on account. Mata's balance college-aged players Mata sells the bats to sheet for December 31, 2014, follows and young teens, and an adult bat, designed for high school and (Click the icon to view the balance sheet ) Addtional data for Mate Batting Company: (Cick the icon to view the data ) Requirements 1. Prepare Mata's schedules for cash recelpts from customers and cash payments for the first quarter of 2015 2 Prepare Mata's cash budget for the Sirst quarter of 2015 Requirement 1. Prepare Mata's schedules for cash receipts from oustomers and cash payments for the first quarter of 201 Begin by preparing the schedule for cash receipts from oustomers for the first quarter of 2015 Cash Receipts from Customers Print Done First Quarter 2015 More Info Capital expenditures include $40,000 for new manufacturing equipment to be b. Cash receipts are 75% of sales nthe quarter of the sale and 25% i, the e. Direct materials purchases are paid 50% n the quarter purchased and 50% in d. Direct labor, manufacturing overhead, and selling and administrative costs are eIncome tax expense for the frst quarter is projected at $45,000 and is paid in t. Mata expects to have adequale cash funds and does not anticipale borrowing Cash Receipts from Customers Accounts Receivable balance, December 31, 2014 1st or-Sales Total cash recelpts from customers purchased and paild in the first quarter quarter folowing the sale he next quarter paid in the quarter incutred the quarter inourred in the rst quarter Accounts Receivable balance, March 31, 2015: st Ct-Sales, collected in 2nd Qt Print Done Enter any number in the edit fields and then click Check Answer December 31, 2014 Assets Current Assets: $30,000 22,500 11,000 20,250 Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory $ 83,750 Total Current Assets Property, Flant, and Equipment: 125,000 (50,000) Equipment 75,000 Less: Accumulated Depreciation $158,750 Total Assets Liabilities Current Liabilities Accounts Payable $ 12,500 Stockholders' Equity Common Stock $ 100,000 46,250 Retained Earnings 146,250 Total Stockholders' Equity $ 158,750 Total Liabilities and Stockholders' Equity Mata Batting Company Sales Budget For the Quarter Ended March 31, 2015 Youth Bats Adult Total Bats 4,500 3,000 65 1,500 Budgeted bats to be sold Sales price per unit Total sales 35 $ $ 52,5001 $195,000! $ 247,500 Mata Batting Company Production Budget For the Quarter Ended March 31, 2015 Youth Adult Bats Total Bats 4,500 750 5,250 1,250 4,000 3,000 450 3,450 750 2,700 1,500 300 1,800 500 1,300 Budgeted bats to be sold Plus: Desired bats in ending inventory Total bats needed Less: Bats in beginning inventory Budgeted bats to be produced Mata Batting Company Direct Materials Budget For the Quarter Ended March 31, 2015 Youth Adult Bats Bats Total Budgeted bats to be procticed Direct materials cost per unit Direct materials needed for production Plus: Desired direct materials in ending inventory Total direct materials needed Less: Direct materials in beginning inventory Budgeted purchases of direct materials 1,300 2,700 10 4,000 8 $ $ 10,400 $ 27,000 $37,400 11,000 48,400 11,000 $ 37,400 Mata Batting Company Direct Labor Budget For the Quarter Ended March 31, 2015 Youth Adult Bats Bats Total 1,300 Budgeted bats to be produced 2,700 0.25 4,000 0.25 0.25 Direct labor hours per unit 37,400 eted purchases of direct materials Mata Batting Company Direct Labor Budget For the Quarter Ended March 31, 2015 Youth Adult Total Bats Bats 4,000 0.25 2,700 0.25 1,300 Budgeted bats to be produced Direct labor hours per unit Direct labor hours needed for production Direct labor cost per hour Budgeted direct labor cost 0.25 325 20 $ 1,000 20 675 20 $ 6,500$ 13,500 $ 20,000 Mata Tire Company Manufacturing Overhead Budget For the Quarter Ended March 31, 2015 Youth Adult Total Bats Bats 4,000 0.75 3,000 2,700 Budgeted bats to be produced VOH* cost per bat Budgeted VOH Budgeted FOH 1,300 0.75 $0.75 $ 975 2,025 $ 1,000 2,000 3,000 6,000 Depreciation Insurance and property taxes Total budgeted FOH Budgeted manufacturing overhead costs 675 1,000 325 Direct labor hours Budgeted manufacturing overhead costs Predetermined overhead allocation rate VOH-Variable Manufacturing Overhead "FOH-Fixed Manufacturing Overhead S 6,000 6.00 Print Done Mata Batting Company Cost of Goods Sold Budget For the Quarter Ended March 31, 2015 Youth Adult Bats Bats Total Beginning inventory Bats produced and sold in 1st quarter of 2015 Total budgeted cost of goods sold 7,500 $12,750 20,250 51,625 $ 22,000$ 49,875 71,875 14,500 37,125 Mata Batting Company Selling and Administrative Expense Budget For the Quarter Ended larch 31, 2015 Salaries Expense Rent Expense Insurance Expense Depreciation Expense Supplies Expense Total budgeted selling and administrative expense $ 10,000 3,000 1,500 300 2,475 S 17.275