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Irwin Batting Company Direct Materials Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Bats Total 950 3,610 2,660 58 42 39,900 154,280 194,180 28,000 Budgeted bats to be produced Direct materials per bat (ounces) Direct materials needed for production Plus: Desired direct materials in ending inventory (ounces) Total direct materials needed Less: Direct materials in beginning inventory (ounces) Budgeted purchases of direct materials Direct materials cost per ounce 222,180 28,000 194,180 0.15 Budgeted cost of direct materials $ 29,127 Irwin Batting Company Direct Labor Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Bats Total Direct labor hours needed for production Budgeted direct labor cost The Irwin Batting Company manufactures wood baseball bats. Irwin's two primary products are a youth bat, designed for children and young teens, and an adult bat, designed for high school and college-aged players, Irwin sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $35; the adult bat sells for $85. Irwin's highest sales volume is in the first three months of the year as retailers prepare for the spring baseball season. Irwin's balance sheet for December 31, 2018, and other data for the first quarter of 2019 follow: E (Click the icon to view the balance sheet.) Click the icon to view the other data.) Read the requirements Irwin Batting Company Direct Labor Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Bats Total Direct labor hours needed for production Budgeted direct labor cost Irwin Batting Company Balance Sheet December 31, 2018 Assets Current Assets: Cash $ 45,000 18,500 4,200 Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets 14,640 $ 82,340 Property, Plant, and Equipment: Equipment 150,000 (25,000) Less: Accumulated Depreciation 125,000 Total Assets $ 207,340 Liabilities Print Done a. Budgeted sales are 1,000 youth bats and 2,900 adult bats. Finished Goods Inventory on December 31, 2018, consists of 200 youth bats at $20 b. each and 560 adult bats at $19 each. Desired ending Finished Goods Inventory is 150 youth bats and 320 adult bats; C. FIFO inventory costing method is used. Direct materials requirements are 42 ounces of wood per youth bat and 58 ounces d. of wood per adult bat. The cost of wood is $0.15 per ounce. Raw Materials Inventory on December 31, 2018, consists of 28,000 ounces of wood e. at $0.15 per ounce. Desired ending Raw Materials Inventory is 28,000 ounces (indirect materials are f. insignificant and not considered for budgeting purposes). g. Each bat requires 0.3 hours of direct labor, direct labor costs average $20 per hour. h. Variable manufacturing overhead is $0.40 per bat. Fixed manufacturing overhead includes $500 per quarter in depreciation and $2,388 i. per quarter for other costs, such as insurance and property taxes. Fixed selling and administrative expenses include $11,000 per quarter for salaries; $4,500 per quarter for rent; $1,100 per quarter for insurance; and $300 per quarter j. for depreciation. k. Variable selling and administrative expenses include supplies at 4% of sales