More Info Budgeted sales are 1,100 youth bats and 3,300 adult bats. at $12 each and 750 adult bats at $20 each. bats; FIFO inventory costing method is used. ounces of wood per adult bat. The cost of wood is $0.15 per ounce wood at $0.15 per ounce are insignificant and not considered for budgeting purposes). per hour a. b. Finished Goods Inventory on December 31, 2018, consists of 350 youth bats c. Desired ending Finished Goods Inventory is 300 youth bats and 250 adult d. Direct materials requirements are 44 ounces of wood per youth bat and 64 e. Raw Materials Inventory on December 31, 2018, consists of 23,000 ounces of f. Desired ending Raw Materials Inventory is 23,000 ounces (indirect materials g. Each bat requires 0.2 hours of direct labor, direct labor costs average $25 h. Variable manufacturing overhead is $0.60 per bat Fixed manufacturing overhead includes $900 per quarter in depreciation and $5,260 per quarter for other costs, such as insurance and property taxes Fixed selling and administrative expenses include $6,000 per quarter for salaries; $5,000 per quarter for rent, $1,800 per quarter for insurance; and $250 per quarter for depreciation. Variable selling and administrative expenses include supplies at 5% of sales. i. j. k. Data Table December 31, 2018 Assets Current Assets Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets 10,000 23,200 3,450 19,200 $ 55,850 Property, Plant, and Equipment 120,000 (20,000) Equipment 100,000 Less: Accumulated Depreciation $155,850 Total Assets Liabilities Current Liabilities: Accounts Payable $ 9,000 Stockholders' Equity $ 140,000 6,850 Common Stock, no par Retained Earnings 146,850 Total Stockholders' Equity $ 155,850 Total Liabilities and Stockholders' Equity 1 Requirements 1. Prepare Puckett's sales budget for the first quarter of 2019 2. Prepare Puckett's production budget for the first quarter of 2019. 3. Prepare Puckett'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. 4. Prepare Puckett's cost of goods sold budget for the first quarter of 2019 5. Prepare Puckett's selling and administrative expense budget for the first quarter of 2019. Sales Budget For the Quarter Ended March 31, 2019 Youth Bats Adult Bats Total Budgeted bats to be sold 1100 3300 4400 85 Sales price per unit Total sales Requirement 2. Prepare Puckett's production budget for the first quarter of 2019 60500 280500 341000 Puckett Batting Company Production Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Bats Total Plus Total bats needed Less Budgeted bats to be produced Puckett Batting Company Direct Materials Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Bats Total 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 Budgeted cost of direct materials Puckett Batting Company Direct Labor Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Bats Total Direct labor hours needed for production Budgeted direct labor cost Youth Bats Adult Bats Total projected manufacturing cost per bat for 2019 Now prepare the cost of goods sold budget Review the sales budget you prepared above Review the production budget you prepared above Puckett Batting Company 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 Puckett Batting Company Selling and Administrative Expense Budget For the Quarter Ended March 31, 2019 Depreciation Expense Direct Labor Direct Materials Insurance Expense Manufacturing Overhead Rent Expense Salaries Expense Supplies Expense nput fields and then continue to the next