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help me please! The Inwin Batting Company manufactures wood baseball bats. Irwin's two primary products are a youth bat, designed for children and young teens,
help me please!
The Inwin 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 $55 : the adult bat sells for $60. Irwin's highest sales volume is in the first three months of the year as retailers prepare for the spring basebalf season. Irwin's balance sheet for December 31,2024 , and other data for the first quarter of 2025 follow: (Click the icon to view the balance sheet.) Click the icon to view the other data.) Read the requitements. Requirement 1. Prepare irwin's sales budget for the first quarter of 2025 . Requirement 2. Prepare Inwin's production budget for the first quarter of 2025, Requirement 2. Prepare Irwin's production budget for the first quarter of 2025 . Requirement 3. Prepare Irwin's direct materials budget, direct labor budget, and manufacturing overhead budget for the first qua is direct labor hours. Begin by preparing the direct materials budget. Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, X.XX.) Review the production budget you prepared above. Prepare the manufacturing overhead budget. (Enter any per unit amounts to two decimal places, X.XX. Abbreviations used: Review the production budget you prepared above. Review the direct labor budget you prepared above. Irwin Batting Company Manufacturing Overhead Budget For the Quarter Ended March 31, 2025 Buts VOH cost per bat Budgeted VOH Budgeted FOH Depreciation Insurance and property taxes budgeted FOH Budgeted manufacturing overhead costs Direct labor hours Budgeted manufacturing overhead costs Predetermined overhead allocation rate Requirement 4. Prepare irwin's cost of goods sold budget for the fitst quarter of 2025 : Before preparing the cost of goods soid budget, calculate the projected manufacturing cost per bat for 2025 . (Round all amounis to the nearest cent.) Requirement 5. Prepare Irwin's selling and administrative expense budget for the first quarter of 2025 . Review the sales budget you prepared above. More info a. Budgeted sales are 1,100 youth bats and 2,700 adult bats. b. Finished Goods Inventory on December 31,2024 , consists of 650 youth bats at $16 each and 850 adult bats at $11 each. c. Desired ending Finished Goods Inventory is 400 youth bats and 450 adult bats; FIFO inventory costing method is used. d. Direct materials requirements are 44 ounces of wood per youth bat and 62 ounces of wood per adult bat. The cost of wood is $0.40 per ounce. e. Raw Materials Inventory on December 31, 2024, consists of 29,000 ounces of wood at $0.40 per ounce. f. Desired ending Raw Materials Inventory is 29,000 ounces (indirect materials are insignificant and not considered for budgeting purposes). g. Each bat requires 0.3 hours of direct labor; direct labor costs average $10 per hour. h. Variable manufacturing overhead is $0.50 per bat. i. Fixed manufacturing overhead includes $700 per quarter in depreciation and $7,175 per quarter for other costs, such as insurance and property taxes. j. Fixed selling and administrative expenses include $5,000 per quarter for salaries; $1,500 per quarter for rent; $1,500 per quarter for insurance; and $150 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 1% of sales. Data table Requirements 1. Prepare Irwin's sales budget for the first quarter of 2025. 2. Prepare Irwin's production budget for the first quarter of 2025. 3. Prepare Irwin's direct materials budget, direct labor budget, and manufacturing overhead budget for the first quarter of 2025 . Round the predetermined overhead allocation rate to two decimal places. The overhead allocation base is direct labor hours. 4. Prepare Irwin's cost of goods sold budget for the first quarter of 2025. 5. Prepare Irwin's selling and administrative expense budget for the first quarter of 2025 Step by Step Solution
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