Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with this as soon as possible. Plz. The Haney Batting Company manufactures wood baseball bats. Haney's two primary products are a youth

I need help with this as soon as possible. Plz.
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The Haney Batting Company manufactures wood baseball bats. Haney'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. Haney sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $20; the adult bat sells for $75. Haney's highest sales volume is in the first three months of the year as retailers prepare for the spring baseball season. Haney'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.) More info a. Budgeted sales are 1,800 youth bats and 3,000 adult bats. b. Finished Goods Inventory on December 31, 2024, consists of 700 youth bats at $19 each and 750 adult bats at $20 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 50 ounces of wood per youth bat and 62 ounces of wood per adult bat. The cost of wood is $0.15 per ounce. d. Direct materials requirements are 50 ounces of wood per youth bat and 62 ounces of wood per adult bat. The cost of wood is $0.15 per ounce. e. Raw Materials Inventory on December 31,2024 , consists of 21,000 ounces of wood at $0.15 per ounce. f. Desired ending Raw Materials Inventory is 21,000 ounces (indirect materials are insignificant and not considered for budgeting purposes). g. Each bat requires 0.2 hours of direct labor; direct labor costs average $32 per hour. More info h. Variable manufacturing overhead is $0.80 per bat. i. Fixed manufacturing overhead includes $1,200 per quarter in depreciation and $480 per quarter for other costs, such as insurance and property taxes. j. Fixed selling and administrative expenses include $6,000 per quarter for salaries; $4,500 per quarter for rent; $1,100 per quarter for insurance; and $100 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 1% of sales. Data table Data table Data table Data table Requirement 3. Prepare Haney's direct materials budget, direct labor budget, and manufacturing overhead 2025. Round the predetermined overhead allocation rate to two decimal places. The overhead allocation ba Begin by preparing the direct materials budget. Plus: Total direct materials needed Less: Budgeted purchases of direct materials Direct materials cost per ounce Budgeted cost of direct materials Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, X,XX.) Review the production budget you prepared above. Haney Batting Company Direct Labor Budget Direct labor hours needed for production Budgeted direct labor cost Depreciation Insurance and property taxes Total budgeted FOH Budgeted manufacturing overhead costs Requirement 4. Prepare Haney's cost of goods sold budget for the first quarter of 2025. Total projected manufacturing cost per bat for 2025 Youth Bats Adult Bats Haney Batting Company Selling and Administrative Expense Budget For the Quarter Ended March 31, 2025

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting What the Numbers Mean

Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele,

9th Edition

978-0-07-76261, 0-07-762611-7, 9780078025297, 978-0073527062

Students also viewed these Accounting questions