Question Help The Vang Batting Company manutactures 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 soles are on account the youth bat solls for $55, the adult bat sells for $85 Vang's highest sales volume is in the first three months of the year as readers prepare for the spring baseball season Vang's balance sheet for December 31. 2018, and other data for the first quarter of 2019 follow Chck the icon to view the balance sheet) (Click the icon to view the other data) Read the requirements Requirement 1. Prepare Vang's sales budget for the first quarter of 2019 Vang Batting Company Sales Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Bats Total Budgeted bats to be sold Sales price per unit Total sales Vang Batting Company Balance Sheet December 31, 2018 Assets Current Assets Cash $ 10,000 Accounts Receivable 25.400 Raw Materials Inventory 9 200 Finished Goods Inventory 16,150 Total Current Assets $ 60.750 Property, Plant, and Equipment Equipment 145,000 (30,000) Less Accumulated Depreciation 115,000 Total Assets $ 175,750 Liabilities s a. Budgeted sales are 1,000 youth bats and 3,100 adult bats Finished Goods Inventory on December 31, 2018, consists of 650 youth bats at $13 b. each and 550 adult bats at $14 each Desired ending Finished Goods Inventory is 250 youth bats and 550 adult bats, C. FIFO inventory costing method is used Direct materials requirements are 46 ounces of wood per youth bat and 58 ounces d. of 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 e. at $0.40 per ounce. Desired ending Raw Materials Inventory is 23,000 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 $26 per hour. h. Variable manufacturing overhead is $0 60 per bat. Fixed manufacturing overhead includes $900 per quarter in depreciation and 1. $15,380 per quarter for other costs such as insurance and property taxes, Fixed selling and administrative expenses include $6,000 per quarter for salaries $1,000 per quarter for rent, $1,300 per quarter for insurance, and $450 per quarter j. for depreciation k. Variable selling and administrative expenses include supplies at 2% of sales eld 1. Prepare Vang's sales budget for the first quarter of 2019 2. Prepare Vang's production budget for the first quarter of 2019 3. Prepare Vang's direct materials budget direct labor budget and manufacturing overhead budget for the first quarter of 2019. Round the predetermined overhead allocation rate to two decimal places. The overhead allocation base is direct labor hours. 4. Prepare Vang's cost of goods sold budget for the first quarter of 2019 5. Prepare Vang's selling and administrative expense budget for the first quarter of 2019
