More Info a. Budgeted sales are 1,300 youth bats and 2,900 adult bats. b. Finished Goods Inventory on December 31, 2018, consists of 400 youth bats at $18 each and 550 adult bats at $13 each. C. Desired ending Finished Goods Inventory is 100 youth bats and 320 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 $0.45 per ounce. e. Raw Materials Inventory on December 31, 2018, consists of 25,000 ounces of wood at $0.45 per ounce. Desired ending Raw Materials Inventory is 25,000 ounces (indirect materials are insignificant and not considered for budgeting purposes). g. Each bat requires 0.4 hods of direct labor; direct labor costs average $10 per hour. h. Variable manufacturing overhead is $0.50 per bat. Fixed manufacturing overhead includes $1,200 per quarter in depreciation and $1,369 per quarter for other costs, such as insurance and property taxes. Fixed selling and administrative expenses include $14,000 per quarter for salaries; $4,500 per quarter for rent; $1,400 per quarter for insurance; and $300 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 2% of sales. fie Print Done The Irwin Battling Company manufactures wood baseball bats Irwin's two primary products are a youth bat, designed for children and young teens, and an ubat designed for high school and college aged players Irwin sells the bats to sporting goods stores and all sales are on account. The youth basis for $30, the adult basis for $55. Irwin's highest sales volumes in the first three months of the your arealers prepare for the spring baseball season. Irwin's balance sheet for December 31, 2018, and other data for the first quarter of 2019 follow (Click the loon to view the balance sheet) Click the icon to view the other data) Read the grements Sales Budget For the Quarter Ended March 1, 2019 Youth Budgeted bas to be sold Sales proport Tous Requirement 2. Preparerins production for the first of 2018 Irwin Bacon Production Budget For the Quarter Ended March 31, 2018 Youth Adult Choose from any list or enter any number in the rout fields and then continue to the The Irwin Batting Company manufactures wood baseball bats. Irwin's two primary products are a youth bat, designed for children and Irwin sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $30; the adult bat sells for $55. Irwin's for the spring baseball season. Irwin's balance sheet for December 31, 2018, and other data for the first quarter of 2019 follow: (Click the icon to view the balance sheet.) Click the icon to view the other data.) Read the requirements Production Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Bats Total Plus: Total bats needed Less: Budgeted bats to be produced Requirement 3. Prepare Irwin's direct materials budget direct labor budget, and manufacturing overhead budget for the first quarter of 2015 places. The overhead allocation base is direct labor hours. Begin by preparing the direct materials budget. Choose from any list or enter any number in the input fields and then continue to the next question, Save for Later Requirement 3. Prepare Irwin's direct materials budget direct labor budget and manufacturing overhead budget for the first quarter of 2019. 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. Irwin Batting Company Direct Materials Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Direct materials per balonces) Directors needed for woduction Plus Choose from any list or enter a number in the world and then continue to the next Gestion Save for later Irwin sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $30; the adult bat sells for $55. Irwin's highest for the spring baseball season. Irwin's balance sheet for December 31, 2018, and other data for the first quarter of 2019 follow (Click the icon to view the balance sheet.) Click the icon to view the other data.) Read the requirements Adult Youth Bats Bats Total Direct materials per bat (ounces) Direct materials needed for production Plus: Total direct materials needed Budgeted purchases of direct materials Direct materials cost per ounce Budgeted cost of direct materials Choose from any list or enter any number in the input fields and then continue to the next question 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 fo Irwin sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $30, the adult bat sells for $56. Irwin's highest sales volume is in the first three m for the spring baseball season. Inwin's balance sheet for December 31, 2018, and other data for the first quarter of 2019 follow (Click the icon to view the balance sheet) (Click the icon to view the other data) Read the requirements Requirements Requirements 1. Prepare Irwin's sales budget for the first quarter of 2019. 2. Prepare Irwin's production budget for the first quarter of 2019. Direct materials per bat ounces) Direct materials needed for production Plus Total direct materials needed overhead budget for the first quarter of 2019. Round the predetermined overhead alocation 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 2019. 5. Prepare Irwin's seling and administrative expense budget for the first quarter 2019 Budgeted purchases of direct materials Direct materials cost per unde Budgeted cost of direct materials Print Done Prepare the direct labor buget (Entrany hours amount to we decimal places. XXX) Choose from any list or enter any number in the input fields and then continue to the next question Save for Later Irwin Batting Company Direct Labor Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Total Direct labor hours needed for production Budgeted direct labor cost The brain Bating Company manufactures wood baseball bats Irwin's primary produce a youth art designed for children and young teens, and an adult bat, designed for high school and college and players Irwins the best sorting goods stores and all we are on account. The youth basis for the di bat sols for $55, Irwin's highest sales volume is in the first three months of the years to prepare for the spring baseball season. Irwin's balance sheet for December 31, 2018, and other data for the first of 2010 follow Click the loon to view the balance sheet) Click the icon to view the other data) Read the requirements Prepare the manufacturing overhead budget. (En ny per un amount to two decimal XXX Abreviations used: VOH variable manufacturing over FOH -fed manufacturing overhead) Review the production budget you prepared bove Prview the direct laborbudget you prepared above Irwin Tire Company Manufacturing Overhead Budget For the Quarter Ended March 11, 2018 Youth VOH Golper bal Budgeted VOH Budgered TOH Decretion ids and then continue to the red Question Choose from any list of enter any number in the input Save for Later Read the requirements Predetermined overhead allocation rate Requirement 4. Prepare Irwin's cost of goods sold budget for the first quarter of 2019 Before preparing the cost of goods sold budget, calculate the projected manufacturing cost per bot for 2019. (Round all amounts to the nearest cont.) Youth Bats Adult Bats Total projected manufacturing cost per bat for 2010 Now prepare the cost of goods sold budget Review the sales budget you prepared above Review the production budget you prepared above Irwin Batting Company Choose from any list or enter any number in the input fields and then continue to the next question Save for later aseball bats. Irwin's two primary products are a youth bat, designed for children and young teens, and an adult bat, designed for high school Il sales are on account. The youth bat sells for $30; the adult bat sells for $55. Irwin's highest sales volume is in the first three months of the Det for December 31, 2018, and other data for the first quarter of 2019 follow. (Click the icon to view the other data.) 0 Requirements ld budget for calculate the 1. Prepare Irwin's sales budget for the first quarter of 2019, 2. Prepare Irwin's production budget for the first quarter of 2019. You overhead budget for the first quarter of 2019. 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 said budget for the first quarter of 2019. 5. Prepare Irwin's selling and administrative expense budget for the first quarter of 2019 019 Print Done ng Company the input fields and then continue to the next question, The Irwin Batting Company manufactures wood baseball bats. Irwin's two primary products are a youth bat, designed for children and you Irwin sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $30; the adult bat sells for $56. Irwin's hig for the spring baseball season. Irwin's balance sheet for December 31, 2018, and other data for the first quarter of 2019 follow: (Click the icon to view the balance sheet.) (Click the icon to view the other data.) Read the requirements Cost of Goods Sold Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Bats Total Bats produced and sold in 1st quarter of 2019 Total budgeted cost of goods sold Requirement 5. Prepare Irwin's selling and administrative expense budget for the first quarter of 2019, Review the sales budget you prepared above Irwin Batting Company Selling and Administrative Expense Budget For the Quarter Ended March 31, 2019 Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later TO Luuy USLU yuous I Requirement 5. Prepare Irwin's selling and administrative expense budget for the first quarter of 2019. Review the sales budget you prepared above. Irwin Batting Company Selling and Administrative Expense Budget For the Quarter Ended March 31, 2019 Total budgeted selling and administrative expense Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later MacBook Pro 2013 2 of 4 0 Data Table seball bat. sales are et for Dec dult bat, designed for hi is in the first three mont the first qua 10.000 31, 2019 Adult Irwin Batting Company Balance Sheet December 31, 2018 Assets Current Assets: Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation Total Assets Bats 14.350 adget for the firs 125,000 (60,000) $ 65,000 148,500 g Company in the input fiel Print Done MacBook Pro sheet for Dec 14,350 $ 83,500 Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation for the first qua 125,000 (60,000) $ 65,000 148,500 Total Assets ch 31, 2019 Adult Bats 16,500 Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 50,000 82,000 132,000 udget for the firs g Company in the input field Print Done