ick the icon to view the balance sheet) (Click the icon to view the other data.) Data table he requirements. More info X a. Budgeted sales are 1.900 youth bats and 3,300 adult bats. b. Finished Goods Inventory on December 31, 2024, consists of 500 youth bats at $16 each and 840 adult bats at $20 each. Current Assets Sharpe Batting Company Balance Sheet December 31, 2024 Assets c. Desired ending Finished Goods Inventory is 400 youth bats and 400 adult bats; FIFO inventory costing method is used. d. Direct materials requirements are 46 ounces of wood per youth bat and 62 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 20,000 ounces of wood at $0.20 per ounce. f. Desired ending Raw Materials Inventory is 20,000 ounces (indirect materials are insignificant and not considered for budgeting purposes). 9. Each bat requires 0.3 hours of direct labor; direct labor costs average $24 per hour. h. Variable manufacturing overhead is $0.60 per bat 1. Fixed manufacturing overhead includes $1,000 per quarter in depreciation and $1,796 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: $1,600 per quarter for insurance; and $450 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 5% of sales. Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment Equipment Less: Accumulated Depreciation Total Assets Current Liabilities: Liabilities $ 32,000 23.200 4,000 24,800 54,000 160,000 (60,000) 100,000 $ 184,000 Accounts Payable 1 $ 8.000 Stockholders' Equity Common Stock, no par S Print Done Retained Eamings 110,000 66,000 Total Stockholders' Equity 176,000 $ geled bals to be produced Total Liabilities and Stockholders' Equity 184,000 uirement 3. Prenare Shama's direct materials het dat laher dad and manidashainn mune The Sharpe Batting Company manufactures wood baseball bats. Sharpe'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. Sharpe sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $45; the adult bat sells for $75. Sharpe's highest sales volume is in the first three months of the year as retailers prepare for the spring baseball season. Sharpe'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 requirements. Requirement 1. Prepare Sharpe's sales budget for the first quarter of 2025. Sharpe Batting Company Sales Budget For the Quarter Ended March 31, 2025 Youth Bats Adult Bats Total Budgeted bats to be sold Sales price per unit Total sales Requirement 2. Prepare Sharpe's production budget for the first quarter of 2025. Sharpe Batting Company Production Budget For the Quarter Ended March 31, 2025 Plus: Total bats needed Youth Adult Bats Bats Total Less: Budgeted bats to be produced i Requirement 3. Prepare Sharpe's direct materials budget, direct labor budget, and rnufacturing 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. Begin by preparing the direct materials budget. Sharpe Batting Company Direct Materials Budget For the Quarter Ended March 31, 2025 Direct materials per bat (ounces) Direct materials needed for production Plus: Total direct materials needed Less: Budgeted purchases of direct materials Direct materials cost per ounce Youth Adult Bats Bats Total 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. Sharpe Batting Company Direct Labor Budget For the Quarter Ended March 31, 2025 Direct labor hours needed for production Youth Bats Adult Bats Total Budgeted direct labor cost Prepare the manufacturing overhead budget. (Enter any per unit amounts to two decimal places, XXX. Abbreviations used: VOH variable manufacturing overhead; FOH fixed manufacturing overhead.) togeted direct labor cost Prepare the manufacturing overhead budget. (Enter any per unit amounts to two decimal places, XXX. Abbreviations used: VOH variable manufacturing overhead; FOH fa Review the production budget you prepared above. Review the direct labor budget you prepared above. Sharpe Batting Company Manufacturing Overhead Budget For the Quarter Ended March 31, 2025 VOH cost per bat Budgeted VOH Budgeted FOH Youth Adult Bats Bats Total Depreciation Insurance and property taxes Total budgeted FOH Budgeted manufacturing overhead costs Direct labor hours Budgeted manufacturing overhead costs Predetermined overhead allocation rate 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 nearest cent.) 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 nearest cent.) Youth Bats Adult Bats Total projected manufacturing cost per bat for 2025 Now prepare the cost of goods sold budget. Review the sales budget you prepared above. Review the production budget you prepared above. Sharpe Batting Company Cost of Goods Sold Budget For the Quarter Ended March 31, 2025 Bats produced and sold in 1st quarter of 2025 Youth Adult Bats: Bats Total Total budgeted cost of goods sold Requirement 5. Prepare Sharpe's selling and administrative expense budget for the first quarter of 2025. Review the sales budget you prepared above. Sharpe Batting Company Selling and Administrative Expense Budget For the Quarter Ended March 31, 2025 Requirement 5. Prepare Sharpe's selling and administrative expense budget for the first quarter of 2025. Review the sales budget you prepared above. Sharpe Batting Company Selling and Administrativi Expense Budget For the Quarter Ended March 31, 2025 Total budgeted selling and administrative expense