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Need help with requirements 4+5.Thank you The Cooke Batting Company manufactures wood baseball bats. Cooke's two primary products are a youth bat, designed for children

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The Cooke Batting Company manufactures wood baseball bats. Cooke'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. Cooke sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $20; the adult bat sells for $85. Cooke's highest sales volume is in the first three months of the year as retailers prepare for the spring baseball season. Cooke's balance sheet for December 31, 2024, and other data for the first quarter of 2025 follow: E (Click the icon to view the balance sheet.) (Click the icon to view the other data.) Read the requirements More Info Requirement 1. Prepare Cooke's sales budget for the first quarter of 2025. Cooke Batting Company Sales Budget For the Quarter Ended March 31, 2025 Youth Adult Bats Bats Total Budgeted bats to be sold 3300 4400 1100 20 Sales price per unit 85 22000 280500 Total sales 302500 a. Budgeted sales are 1.100 youth bats and 3,300 adult bats. b. Finished Goods Inventory on December 31, 2024, consists of 500 youth bats at $15 each and 750 adult bats at $15 each. c. Desired ending Finished Goods Inventory is 220 youth bats and 550 adult bats; FIFO inventory costing method is used. d. Direct materials requirements are 42 ounces of wood per youth bat and 58 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 28,000 ounces of wood at $0.15 per ounce f. Desired ending Raw Materials Inventory is 28,000 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 $20 per hour. h. Variable manufacturing overhead is $0.70 per bat. i. Fixed manufacturing overhead includes $1,400 per quarter in depreciation and $560 per quarter for other costs, such as insurance and property taxes. j. Fixed selling and administrative expenses include $14,000 per quarter for salaries; $5,500 per quarter for rent: $1,800 per quarter for insurance, and $450 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 4% of sales. Requirement 2. Prepare Cooke's production budget for the first quarter of 2025. Cooke Batting Company Production Budget For the Quarter Ended March 31, 2025 Youth Adult Bats Bats Total 1100 220 3300 550 4400 770 Budgeted bats to be sold Plus: Desired bats in ending inventory Total bats needed Less: Bats in beginning inventory 1320 3850 750 5170 1250 500 Print Done 820 3100 3920 Budgeted bats to be produced Requirement 3. Prepare Cooke's direct materials budget, direct labor budget, and manufacturing 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. Cooke Batting Company Direct Materials Budget For the Quarter Ended March 31, 2025 Youth Adult Bats Bats Total Budgeted bats to be produced 820 3920 3100 58 42 344401 179800 214240 28000 Direct materials per bat (ounces) Direct materials needed for production Plus Desired direct materials in ending inventory (ounces) Total direct materials needed Less: Direct materials in beginning inventory (ounces) Budgeted purchases of direct materials Direct materials cost per ounce Budgeted cost of direct materials 186240 28000 214240 .15 32136 Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, X.XX.) Review the production budget you prepared above. Cooke Batting Company Direct Labor Budget For the Quarter Ended March 31, 2025 Youth Adult Bats Bats Total Budgeted bats to be produced 820 3100 3920 Direct labor hours per unit 0.3 0.3 Direct labor hours needed for production 246 930 1176 20 Direct labor cost per hour 20 16400 18600 23520 Budgeted direct labor cost 0.3 20 Prepare the manufacturing overhead budget. (Enter any per unit amounts to two decimal places, X.XX. Abbreviations used: VOH = variable manufacturing overhead; FOH = fixed manufacturing overhead.) Review the production budget you prepared above. Review the direct labor budget you prepared above. Cooke Batting Company Manufacturing Overhead Budget For the Quarter Ended March 31, 2025 Adult Youth Bats Bats Total Budgeted bats to be produced 8201 3100 3920 0.70 VOH cost per bat 0.70 0.70 574 2170 2744 Budgeted VOH Budgeted FOH Depreciation 1400 560 Insurance and property taxes 1960 Total budgeted FOH 4704 Budgeted manufacturing overhead costs Direct labor hours 246 930 1176 4704 Budgeted manufacturing overhead costs Predetermined overhead allocation rate 4 Requirement 4. Prepare Cooke'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 Direct labor cost per bat 31 Manufacturing overhead cost per bat Direct materials cost per bat 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. Cooke Batting Company Cost of Goods Sold Budget For the Quarter Ended March 31, 2025 Youth Adult Bats Total Beginning inventory Bats produced and sold in 1st quarter of 2025 Total budgeted cost of goods sold Bats Requirement 5. Prepare Cooke's selling and administrative expense budget for the first quarter of 2025. Review the sales budget you prepared above. Cooke Batting Company Selling and Administrative Expense Budget For the Quarter Ended March 31, 2025 Salaries Expense Rent Expense Insurance Expense Depreciation Expense Manufacturing Overhead Total budgeted selling and administrative expense Data Table Cooke Batting Company Balance Sheet December 31, 2024 Assets Current Assets Cash 20,000 22,500 4,200 18,750 65,450 125,000 (30,000) $ 95,000 160,450 Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par $ Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 10,500 80,000 69,950 149.950 $ 160,450

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