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The Sharpe Batting Company manufactures wood baseball bats. Sharpe'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. Sharpe sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $45; the adult bat sells for \$55. Sharpe's highest sales volume is in the first three months of the year as retailers prepare for the spring baseball season. Sharpe's balance sheet for December 31, 2024, and other data for the first quarter of 2025 follow: (Click the icon to view the balance sheet.) (C) (Click the icon to view the other data.) Read the requirements. Requirement 1. Prepare Sharpe's sales budget for the first quarter of 2025. Requirement 2. Prepare Sharpe's production budget for the first quarter of 2025. The Sharpe Batting Company manufactures wood baseball bats. Sharpe's two primary products are a youth bat, Requirement 2. Prepare Sharpe's production budget for the first quarter of 2025, Requirement 3. Prepare Sharpe's direct materials budget, direct labor budget, and manufacturing overhead budget for the firat quarter of 2025 . Round the predetormined overhead allocation rate to two decimal places. The overhead aliocation base is direct labor hours. Begin by preparing the direct materials budget. The Sharpe Batting Company manufactures wood baseltall bats. Sharpe's two primary products are a youth bat, Requirement 3. Prepare Sharpe's direct materials budget, direct labor budget, and manufacturing overhead budget fo the first quarter of 2025. Round the predetermined overhead allocation rate to two decimal places. The overhead allocation base is direct labor hours. Begin by preparing the direct materials budget. 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. Abbreviations used: VOH= variable manufacturing overhead; FOH= fixed manufacturing overhead.) Review the production budget you prepared above. Review the direct labor budget you prepared above. Sharpe Batting Company Manufacturing Overhead Budget For the Quarter Ended March 31, 2025 VOH cost per bat Budgeted VOH Budgeted FOH Depreciation Insurance and property taxes Total budgeted FOH Budgeted manufacturing overhead costs Direct labor hours Budgeted manufacturing overhead costs Requirement 4. Prepare Sharpe'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 nearest cent.) Requirement 5. Prepare Sharpe's selling and administrative expense budget for the first quarter of 2025. Review the sales budget you prepared above. Requirement 5. Prepare Sharpe's selling and administrative expense budget for the first quarter of 2025 . Review the sales budget you prepared above. a. Budgeted sales are 2,000 youth bats and 3,400 advilt bats. b. Finished Goods inventory on Decomber 31, 2024, consists of 650 youth bats at $17. each and 560 adult bots at $16 oach c. Desired ending Finished Goods Inventory is 220 youth bats and 550 adult bats; FIFO inventory costing method is used. d. Direct materials requirements are 42 ounces of wood per youth bat and 58 ounces of wood per adult bat. The cost of wood is 50.15 per ounoe. 6. Raw Materials inventory on December 31, 2024, consists of 28,000 ounces of wood at 50.15 per ounco. f. Desired ending Raw Materials lnventory is 28,000 ounces (indirect materials are insignificant and not oonsidered for budgeting purposes) 9. Each bat requires 0.5 hours of drect labor, direct labor costs averige $26 per hour. h. Variable manufacturing overhead is 50.90 per bat. 1. Fixed manutacturing overhead includes $500 per quarter in depreolation and \$12,396 per quanter for other costs, such as insurance and property taxes. 1. Foxed solling and administratve expenses include $10,000 per quarter for saiaties; $1,500 per quarter for rent; $1,200 per quarter for insurance; and $50 per quarter for dopreciatoon. k. Variable selling and administrative expenses include nupples at 1% of saies
