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Mata Batting Company Balance Sheet December 31, 2024 Assets Current Assets: \begin{tabular}{lrr} \hline Cash & $ & 15,000 \\ \hline Accounts Receivable & 22,500 \\ \hline Raw Materials inventory & 5,200 \\ \hline Finished Goods inventory & 14,650 & \\ Total Current Assets & $ & 57,350 \end{tabular} Property. Plant, and Equipment Equipment Total Assets Liabilities Current Liabilities: Accounts Payable $17,300 Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 135,050$152,350 Print Done The Mata Batting Company manufactures wood baseball bats Mata'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. Mata sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $55, the adult bat sells for 565 . Mata's highest ales volume is in the first three months of the year as retalers prepare for the spring basoball season. Mata's balance sheet for December 31,2024 , and other data for the first quarter of 2025 follow: (Click the icon lo view the balance sheet) (Cick the icon to view the other data) Read the requirements Requirement 1, Propare Mata's sales budget for the first quarter of 2025 Requirement 2. Prepare Mata's production budgot for the firs quarter of 2025 Requirement 3. Prepare Mata's direct materials budget, direct labor budget, and manufacturing overhead budget for the first quarter of 2025 Round the predesemined overhead allocation rate to two decimal places. The overhead allocation base is direct labor hours Begin by preparing the direct maserials budget. Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, XXX.) Review the production budget you prepared above. Mata 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 Predetermined overhead allocation rate Requirement 4. Prepare Mata's cost of goods sold budget for the first quarter of 2025 Before preparing the cost of goods sold budget, calculate the projocted manufacturing cost per bat for 2025 (Round all amounts to the nearest cent) Review the sales budget you prepared above Review the production budget you prepared above. Requirement 5. Prepare Mata's selling and administrative expense budget for the first quarter of 2025 . Review the sales budget you prepared above More info a. Budgeted sales are 1,100 youth bats and 3,600 adult bats. b. Finished Goods Inventory on December 31,2024 , consists of 200 youth bats at $18 each and 650 adult bats at $17 each. c. Desired ending Finished Goods Inventory is 550 youth bats and 250 adult bats; FIFO inventory costing method is used. d. Direct materials requirements are 46 ounces of wood per youth bat and 62 ounces of wood per adult bat. The cost of wood is $0.20 per ounce. e. Raw Materials Inventory on December 31, 2024, consists of 26,000 ounces of wood at $0.20 per ounce. f. Desired ending Raw Materials Inventory is 26,000 ounces (indirect materials are insignificant and not considered for budgeting purposes). g. Each bat requires 0.4 hours of direct labor; direct labor costs average $16 per hour. h. Variable manufacturing overhead is $0.40 per bat. i. Fixed manufacturing overhead includes $1,000 per quarter in depreciation and $13,880 per quarter for other costs, such as insurance and property taxes. j. Fixed selling and administrative expenses include $10,000 per quarter for salaries; $5,000 per quarter for rent, $1,800 per quarter for insurance; and $50 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 2% of sales