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 $45; 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, 2024, and other data for the first quarter of 2025 follow: E: (Click the icon to view the balance sheet.) (Click the icon to view the other data.) Read the requirements Requirements Data table Requirement 1. Prepare Haney's sales budget for the first quarter of 2025. Haney Batting Company Balance Sheet 1. Prepare Haney's sales budget for the first quarter of 2025. 2. Prepare Haney's production budget for the first quarter of 2025. 3. Prepare Haney'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 Haney's cost of goods sold budget for the first quarter of 2025. 5. Prepare Haney's selling and administrative expense budget for the first quarter of 2025. December 31, 2024 Haney Batting Company Sales Budget For the Quarter Ended March 31, 2025 Youth Adult Assets Current Assets Bats Bats Total Cash $ 35,000 25,400 Accounts Receivable Budgeted bats to be sold Sales price per unit Raw Materials Inventory - X 10,500 17,410 More info Finished Goods Inventory Total sales $ 88,310 Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation 145,000 (60,000) 85,000 173,310 Total Assets Liabilities Current Liabilities: Accounts Payable $ 16,500 a. Budgeted sales are 2,000 youth bats and 3,100 adult bats. b. Finished Goods Inventory on December 31, 2024, consists of 650 youth bats at $13 each and 560 adult bats at $16 each. c. Desired ending Finished Goods Inventory is 500 youth bats and 450 adult bats; FIFO inventory costing method is used. d. Direct materials requirements are 46 ounces of wood per youth bat and 64 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 30,000 ounces of wood at $0.35 per ounce. f. Desired ending Raw Materials Inventory is 30,000 ounces (indirect materials are insignificant and not considered for budgeting purposes). g. Each bat requires 0.2 hours of direct labor, direct labor costs average $10 per hour. h. Variable manufacturing overhead is $0.70 per bat. i. Fixed manufacturing overhead includes $700 per quarter in depreciation and $752 per quarter for other costs, such as insurance and property taxes. j. Fixed selling and administrative expenses include $6,000 per quarter for salaries; $6,000 per quarter for rent: $1,400 per quarter for insurance, and $350 per quarter for depreciation k. Variable selling and administrative expenses include supplies at 2% of sales. Stockholders' Equity Common Stock, no par 70,000 Retained Earnings 86,810 Total Stockholders' Equity 156,810 S Total Liabilities and Stockholders' Equity 173,310 Print Done Help me solve this Etext pages Get more help ck answer Print Done