Please answer all parts. Thank you so much for your help!!
(Click the lcon to view the balance shent) fClick the inon to vies the cther data Road the teavirements cars Requirement 1. Prepare Sosa'v sales budget for the fint ewarter of 2005 . Sosa Batting Company Balance Sheet December 31, 2024 Assets Current Assets: Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory $40,00026,2004,20011,550 Total Current Assets \$ 81,950 Property, Plant, and Equipment: Equipment 120,000 Less: Accumulated Depreciation (30,000) Total Assets Liabilities Total Assets Liabilities Current Liabilities: Accounts Payable $16,500 Stockholders' Equity Common Stock, no par Retained Earnings $150,0005,450 Total Stockholders' Equity 155,450 Total Liabilities and Stockholders' Equity Requirements 1. Prepare Sosa's sales budget for the first quarter of 2025 . 2. Prepare Sosa's production budget for the first quarter of 2025 . 3. Prepare Sosa'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. 4. Prepare Sosa's cost of goods sold budget for the first quarter of 2025. 5. Prepare Sosa's selling and administrative expense budget for the first quarter of 2025 . a. Budgeted sales are 1,700 youth bats and 3,600 adult bats. b. Finished Goods Inventory on December 31,2024 , consists of 250 youth bats at $11 each and 440 adult bats at $20 each. c. Desired ending Finished Goods Inventory is 400 youth bats and 400 adult bats; FIFO inventory costing method is used. d. Direct materials requirements are 40 ounces of wood per youth bat and 62 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 0.5 hours of direct labor; direct labor costs average $25 per hour. h. Variable manufacturing overhead is $0.50 per bat. i. Fixed manufacturing overhead includes $700 per quarter in depreciation and $23,645 per quarter for other costs, such as insurance and property taxes. j. Fixed selling and administrative expenses include $12,000 per quarter for salaries; $3,500 per quarter for rent; $1,200 per quarter for insurance; and $350 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 3% of sales. Requirement 1. Prepare Sosa's sales budget for the first quarter of 2025. two decimal places. The overhead allocation base is divect labor hours. Begin by preparng the drect myteruls budpot. rrepare une direct lador dugget, (tenter any hours per unit amounts to two decimal places, X.XX.) Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, X.XX ) Review the production budget you prepared above. Prepare the manufacturing overhead budget. (Enter any per unit amounts to two decimal places, X.XX. Abbreviatic manufacturing overhead.) manutacturing ovetiead ) Review the production budget you prepared above. Review the direct labor budget you prepared above. Requirement 4. Prepare Sosa'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 Requirement 4. Propare Sosa's cost of goods sold budgot 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) Requirement 5. Prepare Sosa's selling and administrative expense budget for the first quarter of 2025 . Review the sales budget you prepared above. Requirement 5. Prepare Sosa's selling and administrative expense budget for the first quarter of 2025. Review the sales budget you prepared above
