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Question Help The Vang Batting Company manufactures wood baseball bats. Vang'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. Vang sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $60; the adult bat sells for $75. Vang's highest sales volume is in the first three months of the year as retailers prepare for the spring baseball season. Vang'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.) i (Click the icon to view the other data.) Read the requirements i Data Table . X Requirement 1. Prepare Vang's sales budget for the first quarter of 2019. i More Info - X Vang Batting Company Vang Batting Company Sales Budget Balance Sheet For the Quarter Ended March 31, 2019 December 31, 2018 a. Budgeted sales are 1, 100 youth bats and 2,900 adult bats. Youth Adult Finished Goods Inventory on December 31, 2018, consists of 550 youth bats at $19 Assets Bats b. each and 850 adult bats at $17 each. Bats Total Current Assets: Desired ending Finished Goods Inventory is 150 youth bats and 320 adult bats; Budgeted bats to be sold C. FIFO inventory costing method is used. Cash 32,000 Direct materials requirements are 46 ounces of wood per youth bat and 60 ounces of Sales price per unit Accounts Receivable 15,500 d. wood per adult bat. The cost of wood is $0.40 per ounce. Total sales Raw Materials Inventory 9,200 Raw Materials Inventory on December 31, 2018, consists of 23,000 ounces of wood e. at $0.40 per ounce. 24,900 Requirement 2. Prepare Vang's production budget for the first quarter of 2019. Finished Goods Inventory Desired ending Raw Materials Inventory is 23,000 ounces (indirect materials are f. insignificant and not considered for budgeting purposes). Total Current Assets S 81,600 Vang Batting Company g. Each bat requires 0.3 hours of direct labor, direct labor costs average $10 per hour. Production Budget Property, Plant, and Equipment: h. Variable manufacturing overhead is $0.90 per bat. For the Quarter Ended March 31, 2019 Equipment 135,000 Fixed manufacturing overhead includes $800 per quarter in depreciation and $5,647 (20,000) Youth Adult Less: Accumulated Depreciation 115,000 i. per quarter for other costs, such as insurance and property taxes. Bats Total 196,600 Fixed selling and administrative expenses include $14,000 per quarter for salaries; Bats Total Assets $6,000 per quarter for rent; $1,500 per quarter for insurance; and $250 per quarter for depreciation. Liabilities k. Variable selling and administrative expenses include supplies at 4% of sales. Plus : Current Liabilities: Total bats needed Accounts Payable $ 10,500 Print Done Less: Stockholders' Equity Budgeted bats to be produced Common Stock, no par $ 100,000 Retained Earnings 86, 100 Requirement 3. Prepare Vang's direct materials budget, direct labor budget, and manufacturing overhead budget mal places. The overhead allocation base is direct labor hours. Total Stockholders' Equity 186, 100 Begin by preparing the direct materials budget. Total Liabilities and Stockholders' Equity 196,600 Vang Batting Company Direct Materials Budget For the Quarter Ended March 31, 2019 Print Done Youth Adult Bats Bats Total Choose from any list or enter any number in the input fields and then continue to the next question. Activate WindowsQuestion Help The Vang Batting Company manufactures wood baseball bats. Vang'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. Vang sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $60; the adult bat sells for $75. Vang's highest sales volume is in the first three months of the year as retailers prepare for the spring baseball season. Vang'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.) i (Click the icon to view the other data.) Read the requirements i Data Table - X Requirement 1. Prepare Vang's sales budget for the first quarter of 2019. Vang Batting Company Vang Batting Company 1 More Info - X Sales Budget For the Quarter Ended March 31, 2019 Balance Sheet Youth Adult December 31, 2018 Bats Bats Total Assets a. Budgeted sales are 1, 100 youth bats and 2,900 adult bats. Current Assets: Finished Goods Inventory on December 31, 2018, consists of 550 youth bats at $19 Budgeted bats to be sold b. each and 850 adult bats at $17 each. Cash $ 32,000 Sales price per unit Desired ending Finished Goods Inventory is 150 youth bats and 320 adult bats; Accounts Receivable 15,500 c. FIFO inventory costing method is used. Total sales Raw Materials Inventory 9,200 Direct materials requirements are 46 ounces of wood per youth bat and 60 ounces of d. wood per adult bat. The cost of wood is $0.40 per ounce. Requirement 2. Prepare Vang's production budget for the first quarter of 2019. Finished Goods Inventory 24,900 Raw Materials Inventory on December 31, 2018, consists of 23,000 ounces of wood e. at $0.40 per ounce. Vang Batting Company Total Current Assets 81,600 Desired ending Raw Materials Inventory is 23,000 ounces (indirect materials are Production Budget Property, Plant, and Equipment: f. insignificant and not considered for budgeting purposes). For the Quarter Ended March 31, 2019 Equipment 135,000 g. Each bat requires 0.3 hours of direct labor; direct labor costs average $10 per hour. Youth Adult Less: Accumulated Depreciation (20,000) 115,000 h. Variable manufacturing overhead is $0.90 per bat. Bats Bats Total Fixed manufacturing overhead includes $800 per quarter in depreciation and $5,647 Total Assets 196,600 i. per quarter for other costs, such as insurance and property taxes. Liabilities Fixed selling and administrative expenses include $14,000 per quarter for salaries; $6,000 per quarter for rent; $1,500 per quarter for insurance, and $250 per quarter Plus: Current Liabilities: j. for depreciation. Total bats needed Accounts Payable 10,500 k. Variable selling and administrative expenses include supplies at 4% of sales. Less: Stockholders' Equity Budgeted bats to be produced Common Stock, no par 100,000 Print Done Requirement 3. Prepare Vang's direct materials budget, direct labor budget, and manufacturing overhead budget for the fir Retained Earnings 86, 100 . The overhead allod Begin by preparing the direct materials budget. Total Stockholders' Equity 186, 100 Total Liabilities and Stockholders' Equity 196,600 Vang Batting Company Direct Materials Budget For the Quarter Ended March 31, 2019 Print Done Youth Adult Bats Bats Total Direct materials per bat (ounces) Direct materials needed for production Choose from any list or enter any number in the input fields and then continue to the next question. Activate WindowsQuestion Help The Vang Batting Company manufactures wood baseball bats. Vang'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. Vang sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $60; the adult bat sells for $75. Vang's highest sales volume is in the first three months of the year as retailers prepare for the spring baseball season. Vang'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.) i (Click the icon to view the other data.) Read the requirements. X Vang Batting Company i Data Table Direct Materials Budget For the Quarter Ended March 31, 2019 Youth Adult Vang Batting Company More Info X Bats Bats Total Balance Sheet December 31, 2018 Assets a. Budgeted sales are 1, 100 youth bats and 2,900 adult bats. Direct materials per bat (ounces) Current Assets: Finished Goods Inventory on December 31, 2018, consists of 550 youth bats at $19 Direct materials needed for production b. each and 850 adult bats at $17 each. Cash 32,000 Plus: Desired ending Finished Goods Inventory is 150 youth bats and 320 adult bats; Accounts Receivable 15,500 c. FIFO inventory costing method is used. Total direct materials needed Raw Materials Inventory 9,200 Direct materials requirements are 46 ounces of wood per youth bat and 60 ounces of Less: d. wood per adult bat. The cost of wood is $0.40 per ounce. Finished Goods Inventory 24,900 Raw Materials Inventory on December 31, 2018, consists of 23,000 ounces of wood Budgeted purchases of direct materials e. at $0.40 per ounce. Total Current Assets $ 81,600 Direct materials cost per ounce Desired ending Raw Materials Inventory is 23,000 ounces (indirect materials are Property, Plant, and Equipment: f. insignificant and not considered for budgeting purposes). Budgeted cost of direct materials Equipment 135,000 g. Each bat requires 0.3 hours of direct labor; direct labor costs average $10 per hour. Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, XXX.) Less: Accumulated Depreciation 20,000 115,000 h. Variable manufacturing overhead is $0.90 per bat Fixed manufacturing overhead includes $800 per quarter in depreciation and $5,647 Review the production budget you prepared above. Total Assets 196,600 i. per quarter for other costs, such as insurance and property taxes. Vang Batting Company Fixed selling and administrative expenses include $14,000 per quarter for salaries; Liabilities $6,000 per quarter for rent; $1,500 per quarter for insurance, and $250 per quarter Direct Labor Budget Current Liabilities: J. for depreciation. For the Quarter Ended March 31, 2019 Accounts Payable 10,500 k. Variable selling and administrative expenses include supplies at 4% of sales Youth Adult Stockholders' Equity Bats Bats Total Common Stock, no par S 100,000 Print Done Retained Earnings 86,100 Total Stockholders' Equity 186, 100 Direct labor hours needed for production Total Liabilities and Stockholders' Equity $ 196,600 Budgeted direct labor cost Print Done Prepare the manufacturing overhead budget. (Enter any per unit amounts to two decimal places, X.XX. Abbreviations used: Review the production budget you prepared above. Review the direct labor budget you prepared above. Vang Tire Company Manufacturing Overhead Budget For the Quarter Ended March 31. 2019 Choose from any list or enter any number in the input fields and then continue to the next question. ? Activate WindowsQuestion Help The Vang Batting Company manufactures wood baseball bats. Vang'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. Vang sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $60, the adult bat sells for $75. Vang's highest sales volume is in the first three months of the year as retailers prepare for the spring baseball season. Vang'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.) i (Click the icon to view the other data.) Read the requirements i Data Table X Vang Tire Company Manufacturing Overhead Budget For the Quarter Ended March 31, 2019 Vang Batting Company i More Info - X Youth Adult Balance Sheet Bats Bats Total December 31, 2018 Assets a. Budgeted sales are 1, 100 youth bats and 2,900 adult bats. Finished Goods Inventory on December 31, 2018, consists of 550 youth bats at $19 VOH cost per bat Current Assets: b. each and 850 adult bats at $17 each. Budgeted VOH Cash $ 32,000 Desired ending Finished Goods Inventory is 150 youth bats and 320 adult bats; Budgeted FOH Accounts Receivable 15,500 c. FIFO inventory costing method is used. Direct materials requirements are 46 ounces of wood per youth bat and 60 ounces of Depreciation Raw Materials Inventory 9,200 d. wood per adult bat. The cost of wood is $0.40 per ounce. Insurance and property taxes Finished Goods Inventory 24,900 Raw Materials Inventory on December 31, 2018, consists of 23,000 ounces of wood e. at $0.40 per ounce. Total budgeted FOH Total Current Assets $ 81,600 Desired ending Raw Materials Inventory is 23,000 ounces (indirect materials are Budgeted manufacturing overhead costs Property, Plant, and Equipment: f. insignificant and not considered for budgeting purposes). Equipment 135,000 g. Each bat requires 0.3 hours of direct labor; direct labor costs average $10 per hour. Direct labor hours Less: Accumulated Depreciation (20,000 115,000 h. Variable manufacturing overhead is $0.90 per bat. Fixed manufacturing overhead includes $800 per quarter in depreciation and $5,647 Budgeted manufacturing overhead costs 196.600 Total Assets i. per quarter for other costs, such as insurance and property taxes. Fixed selling and administrative expenses include $14,000 per quarter for salaries; Predetermined overhead allocation rate Liabilities $6,000 per quarter for rent; $1,500 per quarter for insurance, and $250 per quarter Requirement 4. Prepare Vang's cost of goods sold budget for the first quarter of 2019. Current Liabilities: j. for depreciation. k. Variable selling and administrative expenses include supplies at 4% of sales. Before preparing the cost of goods sold budget, calculate the projected manufacturing cost per bat for 2019. (Round all amd Accounts Payable 10,500 Stockholders' Equity Youth Bats Adult Bats Common Stock, no par $ 100,000 Print Done Retained Earnings 86, 100 Total Stockholders' Equity 186, 100 196,600 Total projected manufacturing cost per bat for 2019 Total Liabilities and Stockholders' Equity Now prepare the cost of goods sold budget. Review the sales budget you prepared above. Print Done Review the production budget you prepared above. Vang Batting Company Cost of Goods Sold Budget For the Quarter Ended March 31, 2019 Youth Adult Choose from any list or enter any number in the input fields and then continue to the next question. Activate WindowsQuestion Help V The Vang Batting Company manufactures wood baseball bats. Vang'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. Vang sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $60; the adult bat sells for $75. Vang's highest sales volume is in the first three months of the year as retailers prepare for the spring baseball season. Vang'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.) i (Click the icon to view the other data.) Read the requirements Budgeted manufacturing overhead costs Predetermined overhead allocation rate Requirement 4. Prepare Vang's cost of goods sold budget for the first quarter of 2019. i More Info - X Before preparing the cost of goods sold budget, calculate the projected manufacturing cost per bat for 2019. (Round all amounts to the nearest cent.) Youth Bats Adult Bats i Data Table - X a. Budgeted sales are 1,100 youth bats and 2,900 adult bats. Finished Goods Inventory on December 31, 2018, consists of 550 youth bats at $19 b. each and 850 adult bats at $17 each. Desired ending Finished Goods Inventory is 150 youth bats and 320 adult bats; Vang Batting Company Total projected manufacturing cost per bat for 2019 C. FIFO inventory costing method is used. Balance Sheet Direct materials requirements are 46 ounces of wood per youth bat and 60 ounces of Now prepare the cost of goods sold budget. December 31, 2018 d. wood per adult bat. The cost of wood is $0.40 per ounce. Raw Materials Inventory on December 31, 2018, consists of 23,000 ounces of wood Review the sales budget you prepared above. Assets e. at $0.40 per ounce. Review the production budget you prepared above. Current Assets: Desired ending Raw Materials Inventory is 23,000 ounces (indirect materials are Vang Batting Company f. insignificant and not considered for budgeting purposes). Cash $ 32,000 Cost of Goods Sold Budget g. Each bat requires 0.3 hours of direct labor; direct labor costs average $10 per hour. Accounts Receivable 15,500 For the Quarter Ended March 31, 2019 h. Variable manufacturing overhead is $0.90 per bat. Raw Materials Inventory 9,200 Fixed manufacturing overhead includes $800 per quarter in depreciation and $5,647 Youth Adult Finished Goods Inventory 24,900 per quarter for other costs, such as insurance and property taxes. Bats Bats Total Fixed selling and administrative expenses include $14,000 per quarter for salaries; Total Current Assets $ 81,600 $6,000 per quarter for rent; $1,500 per quarter for insurance, and $250 per quarter Property, Plant, and Equipment: J. for depreciation. Bats produced and sold in 1st quarter of 2019 k. Variable selling and administrative expenses include supplies at 4% of sales. Equipment 135,000 Total budgeted cost of goods sold Less: Accumulated Depreciation (20,000) 115,000 196,600 Print Done Requirement 5. Prepare Vang's selling and administrative expense budget for the first quarter of 2019 Total Assets Review the sales budget you prepared above. Liabilities Vang Batting Company Current Liabilities Selling and Administrative Expense Budget Accounts Payable 10,500 For the Quarter Ended March 31, 2019 Stockholders' Equity Common Stock, no par $ 100,000 Retained Earnings 86, 100 Total Stockholders' Equity 186,100 Total Liabilities and Stockholders' Equity $ 196,600 Total budgeted selling and administrative expense Print Done Choose from any list or enter any number in the input fields and then continue to the next question. ? Activate Windows Go to Settings to activate Windows