The Cooke Batting Company manufactures wood baseball bats. Cooke'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. Cooke sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $20; the adult bat sells for $80. Cooke's highest sales volume is in the first three months of the year as retailers prepare for the spring baseball season. Cooke's balance sheet for December 31,2016 , follows: (Click the icon to view the balance sheet.) Other data for Cooke Batting Company for the first quarter of 2017: (Click the icon to view the other data.) Read the requirements. Requirement 1. Prepare Cooke's sales budget for the first quarter of 2017. Data table Data table a. Budgeted sales are 2,000 youth bats and 3,000 adult bats. b. Finished Goods Inventory on December 31 consists of 350 youth bats at $11 each and 950 adult bats at $11 each. c. Desired ending Finished Goods Inventory is 150 youth bats and 300 adult bats; FIFO inventory costing method Is used. d. Direct materials cost is $5 per youth bat and $14 per adult bat. e. Desired ending Raw Materials Inventory is $10,000 (indirect materials are insignificant and not considered for budgeting purposes). f. Each bat requires 0.1 hours of direct labor; direct labor costs average $32 per hour. g. Variable manufacturing overhead is $0.80 per bat. h. Fixed manufacturing overhead includes $400 per quarter in depreciation and $15 per quarter for other costs, such as insurance and property taxes. i. Fixed selling and administrative expenses include $6,000 per quarter for salaries; $1,000 per quarter for rent; $1,700 per quarter for insurance; and $200 per quarter for depreciation. j. Variable selling and administrative expenses include supplies at 3% of sales. Requirements 1. Prepare Cooke's sales budget for the first quarter of 2017. 2. Prepare Cooke's produifion budget for the first quarter of 2017. 3. Prepare Cooke's direct materials budget, direct labor budget, and manufacturing overhead budget for the first quarter of 2017 . Round the predetermined overhead allocation rate to two decimal places. The overhead allocation base is direct labor hours. 4. Prepare Cooke's cost of goods sold budget for the first quarter of 2017. 5. Prepare Cooke's selling and administrative expense budget for the first quarter of 2017