The Erwin batting company manufactures would baseball bats. Erwins 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. Erwin sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $30, the adult bat sells for $45. Erwins highest sales volume is in the first three months of the year as retailers prepare for the spring baseball season. Erwins balance sheet for December 31, 2018, and the other data for the first quarter of 2019 follow:

Requirement 1. Prepare Irwin's sales budget for the first quarter of 2019. Irwin 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 Requirement 2. Prepare Irwin's production budget for the first quarter of 2019. Irwin Batting Company Production Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Bats Total Plus: Total bats needed Less: Budgeted bats to be produced Requirements. Prepare Tirwin's direct mattis tupet, direct laber budget. und manufacturing outond budget for the treener of 2018. Hound the proturmined out and allocation med 15 we decimal placed the word in hours Begin by preparing the direct materiale budget Irwin Bating Company Des Materials Budget For the Quarter Ended March 31.2010 Youth Adu Total Du er betono Direct materiais de todo Toamned Budged purchases of direct manas Direct mana per ounce Budgeted cost of direct materials Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, X.XX.) Review the production budget you prepared above. Irwin Batting Company Direct Labor Budget For the Quarter Ended March 31, 2019 Youth Adult 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 Review the production budget you prepared above. Review the direct labor budget you prepared above. Irwin Batung Company Manufacturing Overhead Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Bats Total 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 Irwin's cost of goods sold budget for the first quarter of 2019. Before preparing the cost of goods sold budget, calculate the projected manufacturing cost per bat for 2019. Youth Bats Adult Bats Total projected manufacturing cost per bat for 2019 Now prepare the cost of goods sold budget. Review the sales budget you prepared above. Review the production budget you prepared above. Irwin Batting Company Cost of Goods Sold Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Bats Total Bats produced and sold in 1st quarter of 2019 Youth Adult Bats Bats Total Bats produced and sold in 1st quarter of 2019 Total budgeted cost of goods sold Requirement 5. Prepare Irwin's selling and administrative expense budget for the first quarter of 2019. Review the sales budget you prepared above. Irwin Batting Company Selling and Administrative Expense Budget For the Quarter Ended March 31, 2019 Total budgeted selling and administrative expense Irwin Batting Company Balance Sheet December 31, 2018 Assets Current Assets: Cash $ 35,000 Accounts Receivable 22,500 Raw Materials Inventory 8,100 15,840 81,440 Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment 115,000 (35,000) 80,000 Less: Accumulated Depreciation $ 161,440 Total Assets Liabilities Current Liabilities: Accounts Payable $ 12,500 Stockholders' Equity Stockholders' Equity Common Stock, no par $ 130,000 18,940 Retained Earnings 148,940 Total Stockholders' Equity $ 161,440 Total Liabilities and Stockholders' Equity X i More Info a. Budgeted sales are 1,400 youth bats and 2,800 adult bats. Finished Goods Inventory on December 31, 2018, consists of 400 youth bats at $13 b. each and 560 adult bats at $19 each. Desired ending Finished Goods Inventory is 220 youth bats and 240 adult bats; c. FIFO inventory costing method is used. Direct materials requirements are 42 ounces of wood per youth bat and 64 ounces d. of wood per adult bat. The cost of wood is $0.30 per ounce. Raw Materials Inventory on December 31, 2018, consists of 27,000 ounces of wood e. at $0.30 per ounce. Desired ending Raw Materials Inventory is 27,000 ounces (indirect materials are f. insignificant and not considered for budgeting purposes). g. Each bat requires 0.5 hours of direct labor; direct labor costs average $16 per hour. h. Variable manufacturing overhead is $0.50 per bat. Fixed manufacturing overhead includes $800 per quarter in depreciation and i. $10,300 per quarter for other costs, such as insurance and property taxes. Fixed selling and administrative expenses include $6,000 per quarter for salaries; $5,500 per quarter for rent: $1,600 per quarter for insurance; and $50 per quarter for j. depreciation. k. Variable selling and administrative expenses include supplies at 5% of sales. i Requirements 1. Prepare Irwin's sales budget for the first quarter of 2019. 2. Prepare Irwin's production budget for the first quarter of 2019. 3. Prepare Irwin'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 Irwin's cost of goods sold budget for the first quarter of 2019. 5. Prepare Irwin's selling and administrative expense budget for the first quarter of 2019