The Haney Batting Company manulactures wood baseball bats. Haney's two primary products are a youth bot, designed for chilidren and young teens, and an adult bat, designed for high school and college aged players. Haney sellg the bats to sporting goods stores and all sales are on account. The youth bat sells for $35, the adult bat sells for $70. 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 sheot for Decembec 31. 2024 , and other data for the first quarter of 2025 follow W. (Click the icon to view the balance sheet) (1) (Crick the icon to view the other data) Read the fegireme Requirements Requirement 1. Pr 1. Preparo Haney's sales budget for the first quarter of 2025 2. Prepare Haney'n production budget for the fitst quarter of 2025 3. Prepare Haney's direct materials budget direct labor budget, and manulactaring overhead bodget foc the fint quader of 2025 Round the prodetermined overtead allocation rate to two decmat places the ovechead aliocation base is direct labor hours. 4. Propare Hanoy's cost of goods sold budget for the first guader of 2025 5. Propare Haney's selling and administrative expense bodget for the first quarter of 2025 December 31,2024 Assets Current Assets Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets $47.680 Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation Total Assets \begin{tabular}{|l|l|} \hline 145,000 & 120.000 \\ \hline 5 & 167,000) \\ \hline \end{tabular} Print Done Liabilities Current Liabilities: Accounts Payable $17,300 Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Done More info a. Budgeted sales are 1,800 youth bats and 3,600 adult bats. b. Finished Goods Inventory on December 31, 2024, consists of 400 youth bats at $10 each and 840 adult bats at $12 each. c. Desired ending Finished Goods Inventory is 400 youth bats and 500 adult bats: FIFO inventory costing method is used. d. Direct materials requirements are 42 ounces of wood per youth bat and 64 ounces of wood per adult bat. The cost of wood is $0.30 per ounce. e. Raw Materials Inventory on December 31, 2024, consists of 27,000 ounces of wood at $0.30 per ounce. f. Desired ending Raw Materials Inventory is 27,000 ounces (indirect materials are insignificant and not considered for budgeting purposes). 9. Each bat requires 0.4 hours of direct labor direct labor costs average $32 per hour. h. Variable manufacturing overhead is $0.70 per bat. i. Fixed manufacturing overhead includes $500 per quarter in depreciation and $4,054 per quarter for other costs, such as insurance and property taxes i. Fixed selling and administrative expenses include $12.000 per quarter for j. Fixed selling and administrative expenses include $12,000 per quarter for salaries: $6,000 per quarter for rent $2,000 per quarter for insurance. and $300 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 4% of sales
