of the years wins balance sheet for December 31, 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 $ 20.000 18.500 9,000 16,000 $6,500 50,000 5 123.500 Equipment 130.000 Less: Accumulated Depreciation 070.000 Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par $ 90,000 21.900 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 11,600 111,900 5 123.500 Other data for Irwin Batting Company for the first quarter of 2019. b. Finished Goods Inventory on December 31, 2018, consists of 700 youth bats at 1. Budgeted sales are 1,400 youth bars and 3.300 adult bats $15 each and 550 adult bats a $10 cach. c. Desired ending Finished Goods Inventory is 220 youth bats and 300 adult bats; FIFO inventory costing method is used. d. Direct materials requirements are 10 ounces of wood for youth bats and 70 ounces of wood for adult bars. The cost of wood is $0.10 per ounce. e. Raw Materials Inventory on December 31, 2018, consists of 90,000 ounces of wood at $0.10 per ounce Desired ending Raw Materials Inventory is 90,000 ounces (indirect materials are insignificant and not considered for budgeting purposes. Fach bat requires 0.4 hours of direct labor, direct labor costs average per hour. Fried manufacturing overhead includes $1,300 per quarter in depreciation and manufacturing overhead is $0.30 per bat. per quarter for other costs, such as insurance and property taxes. $26 h. Variable 14977 P22-47B Preparing an operating budget-sales, production, direct materials, direct labor, overhead, COGS, and S&A expense budgets 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 for high school and college-aged players. Irwin sells the bats to sporting