P22-47B (similar to) Data Table The Cooke Batting Company manufactures wood baseball bats. Cooke's two primary products are a youth bat, designed for chidren and young teens, and an adult bat, designed fo on account. The youth bat sells for $55; the adult bet sells for $95. Cooke's highest sales volume is in the first three months of the year es retailers prepare for the spring baseball se (Click the icon to view the balance sheet) (Click the icon to view the cither data) ) JBS 10 Read the requirments. Cooke Batting Company Balance Sheet December 31, 2018 Assets 0 More Info Current Assets: Cash $ 14,000 Requirement 1. Prepare Cooke's sales budget for the first quarter of 2019. Cooke Batting Company Sales Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Bats Total Budgeled bats to be sold Sales price per unit Accounts Receivable Raw Materials inventory 17,900 5,200 18,850 3 55 950 Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Total sales a. Budgeted sales are 1.700 youth bats and 3,100 adult bats. Finished Goods Inventory on December 31, 2018, consists of 450 youth bats at $17 b. each and 560 adult bats at $20 each. Desired ending Finished Goods Inventory is 150) youth bats and 240 aduh bats; c. FIFO inventory costing method is used. Direct materials requirements are 52 ounces of wood per youth bat and 62 ounces d. of woord per adult bat. The cost of wood is $0.20 per cunce. Raw Materials Inventary on December 31, 2018, consists of 28,000 ounces of wood c. at $0.20 per Ounce. Desired ending Raw Materials Inventory is 25,000 ounces (indirect materials are f. insignificant and not considered for budgeting purposes 9. Each bat requires 0.5 hours of direct labor, direct labor costs average $12 per hour h. Variable manufacturing overhead is $0.40 per bat. Fired manufacturing averhead includes $600 per quarter in depreciation and 1. $12.358 per quarter for other costs, such as insurance and property taxes Fixed selling and administrative expenses include $10,000 per quarter for salaries; $3,500 per quarter for rent: $1,400 per quarter for insurance; and $100 per quarter for depreciation k. Variable selling and administrative expenses include supplies at 4% of sales. 150,000 (35,000) 115,000 Less: Accumulated Depreciation $ 170.950 $ 10,500 Talal Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stook, no par $ Relained Earnings Total Stockholders' Equity 150,000 10,450 Print Dons 160,450 P22-47B (similar to) Data Table The Cooke Batting Company manufactures wood baseball bats. Cooke's two primary products are a youth bat, designed for chidren and young teens, and an adult bat, designed fo on account. The youth bat sells for $55; the adult bet sells for $95. Cooke's highest sales volume is in the first three months of the year es retailers prepare for the spring baseball se (Click the icon to view the balance sheet) (Click the icon to view the cither data) ) JBS 10 Read the requirments. Cooke Batting Company Balance Sheet December 31, 2018 Assets 0 More Info Current Assets: Cash $ 14,000 Requirement 1. Prepare Cooke's sales budget for the first quarter of 2019. Cooke Batting Company Sales Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Bats Total Budgeled bats to be sold Sales price per unit Accounts Receivable Raw Materials inventory 17,900 5,200 18,850 3 55 950 Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Total sales a. Budgeted sales are 1.700 youth bats and 3,100 adult bats. Finished Goods Inventory on December 31, 2018, consists of 450 youth bats at $17 b. each and 560 adult bats at $20 each. Desired ending Finished Goods Inventory is 150) youth bats and 240 aduh bats; c. FIFO inventory costing method is used. Direct materials requirements are 52 ounces of wood per youth bat and 62 ounces d. of woord per adult bat. The cost of wood is $0.20 per cunce. Raw Materials Inventary on December 31, 2018, consists of 28,000 ounces of wood c. at $0.20 per Ounce. Desired ending Raw Materials Inventory is 25,000 ounces (indirect materials are f. insignificant and not considered for budgeting purposes 9. Each bat requires 0.5 hours of direct labor, direct labor costs average $12 per hour h. Variable manufacturing overhead is $0.40 per bat. Fired manufacturing averhead includes $600 per quarter in depreciation and 1. $12.358 per quarter for other costs, such as insurance and property taxes Fixed selling and administrative expenses include $10,000 per quarter for salaries; $3,500 per quarter for rent: $1,400 per quarter for insurance; and $100 per quarter for depreciation k. Variable selling and administrative expenses include supplies at 4% of sales. 150,000 (35,000) 115,000 Less: Accumulated Depreciation $ 170.950 $ 10,500 Talal Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stook, no par $ Relained Earnings Total Stockholders' Equity 150,000 10,450 Print Dons 160,450