P22-38A (book/static) Question The Langley Betting Company manufactures wood baseball is Langley's two primary products are your designed for den and young, dan adult but, designed for a whol and college goders Lange the bus to sporting pode stores and all are on The youth bat etor 146, he was for 305 Langley's some is in the free months of the year as rutales prepare for a spring on Large's balance sheet for December 31, 2018, and date for the first of 2010 (Click the icon to view the balance sheet) Check the icon to view the other data) Read the requirements Requirement 2. Prepare Langley's production budget for the first quarter of 2018 Langley Batting Company Production Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Total Desired basin ending inventory 350 300 Plus Budgeted bats to be sold 1.200 2600 3.800 Total bats needed 1,550 4.450 Less Bars in beginning inventory 950 1,250 1 250 Budgeted bats to be produced 1,950 3,200 Requirements. Prepare Langley's direct materials budget direct labor budget and manufacturing overhead budget for the first quarter of 2019. Round the predetermined overhead location rate to two decimal places. The overhead location base is direct labor hours Begin by bearing the direct materials budou 2.800 300 The Langley Batting Company manufactures wood baseball bats. Langley's two primary products are a youth bat, designe to sporting goods stores and all sales are on account. The youth bat sells for $40; the adult bat sells for $65. Langley's hig balance sheet for December 31, 2018, and other data for the first quarter of 2019 follow: B. (Click the icon to view the balance sheet.) (Click the icon to view the other data.) Read the requirements. Requirement 2. Prepare Langley's production budget for the first quarter of 2019. Langley Batting Company Production Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Total Desired bats in ending inventory 350 300 Plus: Budgeted bats to be sold 1,200 2,600 3,800 Total bats needed 1,550 2,900 4,450 Less: Bats in beginning inventory 300 950 1,250 1,250 1,950 Budgeted bats to be produced 3,200 Requirement 3. Prepare Langley's direct materials budget, direct labor budget, and manufacturing overhead budget for the fi base is direct labor hours. Beain by preparing the direct materials budaet. Choose from any list or enter any number in the input fields and then click Check Answer. Bats 650 4 parts remaining Clear A P22-38A (BOOK/static The largey Buting Company and wood will be wary Products a youth lead for and young and designed to hold aged players anys the be to portre goods and are not the you hance to December 31, 2011 and for the 2010 few Read the Requirement direct more bedrewerbegebiet teref 2013. fed the produced to the lower The doctor Langley Company Direct Mart Youth Bats M Bats Total 3.200 Baded but berodd Deres per al Directed to production 100200 16000 2400 Choose from any store any number in the input fields and then click Check Answer P22-38A (book/static) The Langley Batting Company manufactures wood baseball bats. Langley's two primary products are a youth bat, designed for children and y to sporting goods stores and all sales are on account. The youth bat sells for $40; the adult bat sells for $65. Langley's highest sales volume is 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 Langley Batting Company Direct Materials Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Bats Total 3,200 Budgeted bats to be produced 1,250 1,950 48 56 Direct materials per bat (ounces) Direct materials needed for production 60,000 109,200 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 Choose from any list or enter any number in the input fields and then click Chark Anwar 169,200 24,000 193,200 24,000 169.200 $ 0.25 $ 42,300 P22-38A (book/static) The Langley Batting Company manufactures wood baseball bats. Langley's two primary products are a youth bat, designed for children to sporting goods stores and all sales are on account. The youth bat sells for $40; the adult bat sells for $65. Langley's highest sales volu 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 42,300 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. Langley 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 Choose from any list or enter any number in the input fields and then click Check Answer. 4 parts remaining Clear All ley 0 Data Table His fa er ol eica designed for h he year as retai Langley Batting Company Balance Sheet December 31, 2018 Assets two Current Assets: Cash S 30,000 16,700 6,000 21,300 ult Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation $ ats 74,000 130,000 (50,000) 80,000 Total Assets S 154,000 Liabilities Current Liabilities: nd then Data Table designed for high s. he year as retailers 16,700 6,000 21,300 Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation $ 74,000 130,000 (50,000) 80,000 Total Assets $ 154,000 Liabilities $ 15,200 Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity $ 90,000 48,800 138,800 Total Liabilities and Stockholders' Equity S 154,000 en a Print Done More Info X designed to the year as e youth bat sells fol the first quarter of Click the ico it amounts to two de any 31, 2019 a. Budgeted sales are 1,200 youth bats and 2,600 adult bats. b. Finished Goods Inventory on December 31, 2018, consists of 300 youth bats at $14 each and 950 adult bats at $18 each. c. Desired ending Finished Goods Inventory is 350 youth bats and 300 adult bats: FIFO inventory costing method is used. d. Direct materials requirements are 48 ounces of wood per youth bat and 56 ounces of wood per adult bat. The cost of wood is $0.25 per ounce. e. Raw Materials Inventory on December 31, 2018, consists of 24,000 ounces of wood at $0.25 per ounce. f. Desired ending Raw Materials Inventory is 24,000 ounces (indirect materials are insignificant and not considered for budgeting purposes). g. Each bat requires 0.7 hours of direct labor, direct labor costs average $18 per hour h. Variable manufacturing overhead is $0.30 per bat. Fixed manufacturing overhead includes $1,300 per quarter in depreciation and $20,140 per quarter for other costs, such as insurance and property taxes j. Fixed selling and administrative expenses include $9,000 per quarter for salaries: $2,500 per quarter for rent: $1,000 per quarter for insurance; and $200 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 2% of sales Adult Bats i. ut fields and then 0 Requirements - o two de 1. Prepare Langley's sales budget for the first quarter of 2019. 2. Prepare Langley's production budget for the first quarter of 2019. 3. Prepare Langley'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 Langley's cost of goods sold budget for the first quarter of 2019. 5. Prepare Langley's selling and administrative expense budget for the first quarter of 2019. adult Bats Print Done