The Haney Batting Company manufactures wood baseball bats. Haney'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. Haney sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $50, the adult bat sells for $65. Haney's highest sales volume is in the first three months of the year as retailers prepare for the spring baseball season. Haney's balance sheet for December 31, 2018, and other data for the first quarter of 2019 follow: E (Click the icon to view the balance sheet.) i (Click the icon to view the other data.) Read the requirements. Requirement 1. Prepare Haney's sales budget for the first quarter of 2019. Haney 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 Data table Haney Batting Company Balance Sheet December 31, 2018 Assets Current Assets Cash S 40,000 Accounts Receivable 23,200 Raw Materials Inventory 11.700 Finished Goods Inventory 18,000 Total Current Assets S 92,900 Property, Plant, and Equipment: Equipment 160,000 (30,000) Less: Accumulated Depreciation 130.000 Total Assets $ 222,900 Liabilities Current Liabilities: Accounts Payable $ 12,800 Stockholders' Equity Common Stock, no par $ 140,000 70,100 Retained Earnings Total Stockholders' Equity 210.100 Total Liabilities and Stockholders' Equity $ 222,900 More info a. Budgeted sales are 1,300 youth bats and 3,500 adult bats. Finished Goods Inventory on December 31, 2018, consists of 400 youth bats at $17 b. each and 560 adult bats at $20 each. Desired ending Finished Goods Inventory is 300 youth bats and 450 adult bats; C. FIFO inventory costing method is used. Direct materials requirements are 42 ounces of wood per youth bat and 60 ounces d. of wood per adult bat. The cost of wood is $0.45 per ounce. Raw Materials Inventory on December 31, 2018, consists of 26,000 ounces of wood e. at $0.45 per ounce. Desired ending Raw Materials Inventory is 26,000 ounces (indirect materials are f. insignificant and not considered for budgeting purposes). g. Each bat requires 0.6 hours of direct labor; direct labor costs average $16 per hour. h. Variable manufacturing overhead is $0.70 per bat. Fixed manufacturing overhead includes $600 per quarter in depreciation and $7,203 i. per quarter for other costs, such as insurance and property taxes. Fixed selling and administrative expenses include $14,000 per quarter for salaries; $4,000 per quarter for rent; $1,800 per quarter for insurance; and $400 per quarter j. for depreciation k. Variable selling and administrative expenses include supplies at 4% of sales. Done Print Requirements 1. Prepare Haney's sales budget for the first quarter of 2019. 2. Prepare Haney's production budget for the first quarter of 2019. 3. Prepare Haney'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 Haney's cost of goods sold budget for the first quarter of 2019. 5. Prepare Haney's selling and administrative expense budget for the first quarter of 2019. Print Done