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 $20; the adult bat sells for $45. 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: (Click the icon to view the balance sheet.) (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 Bats Adult Bats Total Budgeted bats to be sold Sales price per unit Total sales Requirement 2. Prepare Haney's production budget for the first quarter of 2019 Haney 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 Requirement 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 Begin by preparing the direct materials budget Haney Batting Company Direct Materials Budget For the Quarter Ended March 31, 2019 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 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.) Review the production budget you prepared above Haney 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, Abbreviations used: VOH = variable manufacturing overhead, FOH-fixed manufacturing overhead.) Review the production budget you prepared Review the direct labor budget you prepared abo above ve Haney Tire 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 Budgeted manufacturing overhead costs Direct labor hours Budgeted manufacturing overhead costs Predetermined overhead allocation rate Requirement 4. Prepare Haney'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. (Round all amounts to the nearest cent.) 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 a bove Review the production budget you prepared above Haney 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 Total budgeted cost of goods sold Requirement 5. Prepare Haney's selling and administrative expense budget for the first quarter of 2019 Review the sales budget you prepared above Haney Batting Company Selling and Administrative Expense Budget For the Quarter Ended March 31, 2019 Total budgeted selling and administrative expense 1 Data Table More Info Haney Batting Company Balance Sheet December 31, 2018 Assets Budgeted sales are 1,400 youth bats and 2,700 adult bats Finished Goods Inventory on December 31, 2018, consists of 350 youth bats at $15 each and 650 adult bats at $11 each a. b. c. Desired ending Finished Goods Inventory is 220 youth bats and 460 adult d. Direct materials requirements are 42 ounces of wood per youth bat and 60 e. Raw Materials Inventory on December 31, 2018, consists of 28,000 ounces of f. Desired ending Raw Materials Inventory is 28,000 ounces (indirect materials g. Each bat requires 0.3 hours of direct labor, direct labor costs average $16 per h. Variable manufacturing overhead is $0.90 per bat. Current Assets Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets $ 40,000 22,800 5,600 12,400 bats, FIFO inventory costing method is used ounces of wood per adult bat. The cost of wood is $0.20 per ounce wood at S0.20 per ounce are insignificant and not considered for budgeting purposes). hour $ 80,800 Property, Plant, and Equipment: Equipment 140,000 (10,000) 130,000 Less: Accumulated Depreciation i. Fixed manufacturing overhead includes $800 per quarter in depreciation and 5334 per quarter for other costs, such as insurance and property taxes Fixed selling and administrative expenses include $15,000 per quarter for salaries; $5,000 per quarter for rent; $1,200 per quarter for insurance; and S50 per quarter for depreciation Variable selling and administrative expenses include supplies at 2% of sales $ 210,800 Total Assets j. Liabilities Current Liabilities k. Accounts Payable S 12,800 Stockholders' Equity PrintDone Common Stock, no par $ 80,000 118,000 Retained Earnings 198,000 Total Stockholders Equity S 210,800 Total Liabilities and Stockholders' Equity PrintDone