The Cooke Batting Company manufactures wood baseball bats. Cooke's two primary products are a youth bat, designed for children and sporting goods stores and all sales are on account. The youth bat sells for $50; the adult bat sels for $65. Cooke's highest sales volume i sheet for December 31, 2024, and other data for the first quarter of 2025 follow: (Click the icon to view the balance sheet.) (Click the icon to view the other data.) Read the requirements Requirement 1. Prepare Cooke's sales budget for the first quarter of 2025. Cooke Batting Company Sales Budget For the Quarter Ended March 31, 2025 Youth Adult Bats Bats Total Budgeted bats to be sold Sales price per unit Total sales Requirement 2. Prepare Cooke's production budget for the first quarter of 2025. Cooke Batting Company Production Budget For the Quarter Ended March 31, 2025 Youth Adult Bats Bats Total uth bat, designed for children and young teens, and an adult bat, designed for high school and college-aged players. Cooke sells the bats to -5. 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 Requirement 2. Prepare Cooke's production budget for the first quarter of 2025. Cooke Batting Company Production Budget For the Quarter Ended March 31, 2025 Youth Total Adult Bats Bats Plus Total bats needed Loss Budgeted bats to be produced Requirement 3. Prepare Cooke's direct materials budget, direct labor budget and manufacturing overhead budget for the first quarter of 2025. Round the predote base is direct labor hours Begin by preparing the direct materials budget Cooke Batting Company Direct Materials Budget Choose from any list ar antarany numar in the inne and the ing overhead budget for the first quarter of 2025. Round the predetermined overhead allocation rate to two decimal places. The overhead allocation Begin by preparing the direct materials budget. Cooke Batting Company Direct Materials Budget For the Quarter Ended March 31, 2025 Youth Adult Bats Bats Total Direct materials per bat (ounces) Direct materials needed for production Plus: Total direct materials needed Less: Budgeted purchases of direct materials Direct materials cost per ounce Budgeted cost of direct materials Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, X.XX.) Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, XXX.) Review the production budget you prepared above. Cooke Batting Company Direct Labor Budget For the Quarter Ended March 31, 2025 Adult Youth Bats Bats Total Direct labor hours needed for production Budgeted direct labor cost Prepare the manufacturing overhead budget. (Enter any per unit amounts to two decimal places, X.XX. Abbreviations used: VOH = variat Review the production budget you prepared above. Review the direct labor budget you prepared above Cooke Batting Company Manufacturina Overhead Budget Prepare the manufacturing overhead budget. (Enter any per unit amounts to two decimal places, XXX. Abbreviations used: VOH = variable manufacturing overhead; FOH = Review the production budget you prepared above. Review the direct labor budget you prepared above Cooke Batting Company Manufacturing Overhead Budget For the Quarter Ended March 31, 2025 Youth Adult Bats Total Bats VOH cost per bat Budgeted VOH Budgeted FOM Depreciation Insurance and property taxes Total budgeted FOH Budgeted manufacturing overhead costs Choose from any list or enter any number in the input fields and the continue in noti Budgeted manufacturing overhead costs Direct labor hours Budgeted manufacturing overhead costs Predetermined overhead allocation rato Requirement 4. Prepare Cooke'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) Youth Bats Adult Bats Total projected manufacturing cost per bat for 2025 Now prepare the cost of goods sold budget Review the sales budget you prepared above Review the production budget you prepared above. Cooke Batting Company Choose from any list or enter any number in the input fields and then continue to the next question Now prepare the cost of goods sold budget. Review the sales budget you prepared above. Review the production budget you prepared above. Cooke Batting Company Cost of Goods Sold Budget For the Quarter Ended March 31, 2025 Youth Adult Bats Bats Total Bats produced and sold in 1st quarter of 2025 Total budgeted cost of goods sold Requirement 5. Prepare Cooke's selling and administrative expense budget for the first quarter of 2025. Review the sales budget you prepared above, Cooke Batting Company Selling and Administrative Expense Budget For the Quarter Ended March 31, 2025 Requirement 5. Prepare Cooke's selling and administrative expense budget for the first quarter of 2025. Review the sales budget you prepared above. Cooke Batting Company Selling and Administrative Expense Budget For the Quarter Ended March 31, 2025 Total budgeted selling and administrative expense Data Table Cooke Batting Company Balance Sheet December 31, 2024 Assets Current Assets: Cash $ 14,000 Accounts Receivable 23,200 Raw Materials Inventory 7,000 18,150 $ 62,350 Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment 110,000 (25,000) Less: Accumulated Depreciation 85,000 Total Assets $ 147,350 Liabilities Current Liabilities: Accounts Payable $ 12,500 Stockholders' Equity Cash $ 14,000 Accounts Receivable 23,200 Raw Materials Inventory 7,000 18,150 $ 62,350 Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment 110,000 (25,000) Less: Accumulated Depreciation 85,000 Total Assets $ 147,350 Liabilities Current Liabilities: Accounts Payable $ 12,500 Stockholders' Equity Common Stock, no par $ 80,000 54,850 Retained Earnings Total Stockholders' Equity 134,850 $ Total Liabilities and Stockholders' Equity 147,350 Print Done More Info a. Budgeted sales are 2,000 youth bats and 3,600 adult bats. b. Finished Goods Inventory on December 31, 2024, consists of 350 youth bats at $13 each and 850 adult bats at $16 each. c. Desired ending Finished Goods Inventory is 250 youth bats and 250 adult bats; FIFO inventory costing method is used. d. Direct materials requirements are 40 ounces of wood per youth bat and 62 ounces of wood per adult bat. The cost of wood is $0.35 per ounce. e. Raw Materials Inventory on December 31, 2024, consists of 20,000 ounces of wood at $0.35 per ounce. f. Desired ending Raw Materials Inventory is 20,000 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 $12 per hour. h. Variable manufacturing overhead is $0.90 per bat. i. Fixed manufacturing overhead includes $500 per quarter in depreciation and $16,650 per quarter for other costs, such as insurance and property taxes. 1. Fixed selling and administrative expenses include $5,000 per quarter for salaries; $1,500 per quarter for rent; $1,300 per quarter for insurance; and $550 per quarter for depreciation k. Variable selling and administrative expenses include supplies at 1% of sales. Print Done Requirements 1. Prepare Cooke's sales budget for the first quarter of 2025. 2. Prepare Cooke's production budget for the first quarter of 2025. 3. Prepare Cooke's direct materials budget, direct labor budget, and manufacturing overhead budget for the first quarter of 2025. 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 2025. 5. Prepare Cooke's selling and administrative expense budget for the first quarter of 2025. Print Done