P22-38A Chapter 22

book/statial 0 Data Table Company many school and ca Langley's hig 31, 2018, and a view the balan Iren and The you ball seasc nts. Langley Batting Company Balance Sheet December 31, 2018 pare Langley's Assets Langley Bat Sales the Quarter E Current Assets: Cash Accounts Receivable $ 30,000 16,700 6,000 21,300 Raw Materials Inventory be sold 74,000 Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation 130,000 (50,000) 80,000 Total Assets 154,000 Liabilities Current Liabilities: er in the edit fields Print Done Check A statial Data Table Hren an They ball sea many nd co 's hig) and a balan ruru US TUTVU Raw Materials Inventory 6,000 21,300 $ 74,000 gley's Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation 130,000 (50,000) 80,000 ey Bat Sales arter El 154,000 Total Assets Liabilities Current Liabilities: Accounts Payable $ 15,200 Stockholders' Equity Common Stock, no par $ 90,000 48,800 Retained Earnings Total Stockholders' Equity 138,800 154,000 Total Liabilities and Stockholders' Equity $ edit fields Print Done /static) - X dre: More Info t. TI ebal y manu and col ey's high s, and ot e baland ingley's s gley Batt Sales uarter En 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. I Fixed manufacturing overhead includes $1,300 per quarter in depreciation and $20,140 per quarter for other costs, such as insurance and property taxes. 1. 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. edit fields Print Done Clear All % P22-38A (book/static) Question Help The Langley Batting Company manufactures wood baseball bats. Langley'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, Langley sells the bats 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 in the first three months of the year as retailers prepare for the spring baseball season. Langley'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 Requirement 1. Prepare Langley's sales budget for the first quarter of 2019, i Requirements Langley Batting Company Sales Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Ini Budgeted bats to be sold Sales price per unit 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, Total sales Print Done Enter any number in the edit fields and then click Check Answer 7 parts remaining Clear All Check