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Requirement 3. Prepare Sharpe's drect matertals budpet, diect labor budget, and manudacturing overtead budget for the first quarter of 2025 . Rocind the prodetermined overhead alocation tate to two decimal places. The overheud alpcation base is direct labor hourt. Begin by preparing the droct makerials budget. Sharpe Batting Company Manufacturing Overhead Budget For the Quarter Ended March 31, 2025 VOH cost per bat Budgeted VOH Budgeted FOH Depreciation Insurance and property taxes Total budgeted FOH Budgeted manufacturing overhead costs Direct labor hours Budgeted manufacturing overhead costs Predetermined overhead allocation rate Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, X.XX.) Review the production budget you prepared above. Requirement 4. Prepare Sharpe's cost of goods sold budget for the first quarter of 2025 . Before preparing the cost of goods sold budget, calculate the projected manufacturing cost per bat for 2025 . (Round all amounts to the Requirement 5. Prepare Sharpe'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 1,300 youth bats and 3,600 adult bats. b. Finished Goods Inventory on December 31, 2024, consists of 550 youth bats at $17 each and 850 adult bats at $14 each. c. Desired ending Finished Goods Inventory is 200 youth bats and 500 adult bats; FIFO inventory costing method is used. d. Direct materials requirements are 52 ounces of wood per youth bat and 60 ounces of wood per adult bat. The cost of wood is $0.20 per ounce. e. Raw Materials Inventory on December 31,2024 , consists of 25,000 ounces of wood at $0.20 per ounce. f. Desired ending Raw Materials Inventory is 25,000 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 $24 per hour. h. Variable manufacturing overhead is $0.40 per bat. i. Fixed manufacturing overhead includes $1,200 per quarter in depreciation and $900 per quarter for other costs, such as insurance and property taxes. i. Fixed selling and administrative expenses include $8,000 per quarter for salaries; $1,500 per quarter for rent; $1,200 per quarter for insurance; and $350 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 1% of sales. Requirement 2. Prepare Sharpe's production budget for the first quarter of 2025. Requirement 3. Prepare Sharpe's direct materials budget, direct labor budget, and manufacturing overhead budget for the first quarter of 20 rate to two decimal places. The overhead allocation base is direct labor hours. Reain bv oreoaring the direct materials budget. Data table The Sharpe Batting Company manufactures wood baseball bats. Shupes two primary products are a youth bat, designed for chidren and young teons, and an adult bat designed for high school (Click the icon to viow the balance sheet) (1) (Click the icon to view the other data) Read the ceavemsits. Requirement 1. Prepare Sharpe's swes budget for the fint quarter of 2025. Requirement 2. Prepare sharpe's production budget for the frut quarer of 2025. Now prepare the cost of goods sold budget. Review the sales budget you prepared above. Review the production budget you prepared above. Requirement 5. Prepare Sharpe's selling and administrative expense budget for the first quarter of 2025. Review the sales budget you prepared above