The Irwin Batting Company manufactures wood baseball bats. Irwin'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. Irwin sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $55; the adult bat sells for $70. Irwin's highest sales volume is in the first three months of the year as retailers prepare for the spring baseball season. Irwin's balance sheet for December 31, 2024, and other data for the first quarter of 2025 follow: (Click the icon to view the balance sheet.) i (Click the icon to view the other data.) Read the requirements. More info Requirement 1. Prepare Irwin's sales budget for the first quarter of 2025. Irwin Batting Company Sales Budget For the Quarter Ended March 31, 2025 Youth Bats Adult 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 2025. Irwin Batting Company Production Budget For the Quarter Ended March 31, 2025 Requirements 1. Prepare Irwin's sales budget for the first quarter of 2025. 2. Prepare Irwin's production budget for the first quarter of 2025. 3. Prepare Irwin'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 Irwin's cost of goods sold budget for the first quarter of 2025. 5. Prepare Irwin's selling and administrative expense budget for the first quarter of 2025. Print Done a. Budgeted sales are 1,100 youth bats and 2,900 adult bats. b. Finished Goods Inventory on December 31, 2024, consists of 350 youth bats at $17 each and 520 adult bats at $17 each. c. Desired ending Finished Goods Inventory is 250 youth bats and 350 adult bats; FIFO inventory costing method is used. d. Direct materials requirements are 42 ounces of wood per youth bat and 58 ounces of wood per adult bat. The cost of wood is $0.15 per ounce. e. Raw Materials Inventory on December 31, 2024, consists of 25,000 ounces of wood at $0.15 per ounce. f. Desired ending Raw Materials Inventory is 25,000 ounces (indirect materials are insignificant and not considered for budgeting purposes). g. Each bat requires 0.4 hours of direct labor, direct labor costs average $26 per hour. h. Variable manufacturing overhead is $0.90 per bat. i. Fixed manufacturing overhead includes $1,400 per quarter in depreciation and $7,179 per quarter for other costs, such as insurance and property taxes. j. Fixed selling and administrative expenses include $8,000 per quarter for salaries; $1,500 per quarter for rent; $1,500 per quarter for insurance; and $300 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 4% of sales. Current Assets: Cash Accounts Receivable Irwin Batting Company Balance Sheet December 31, 2024 Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Assets Equipment Less: Accumulated Depreciation Total Assets Current Liabilities: Accounts Payable Liabilities 45,000 15,500 3,750 14,790 79,040 160,000 (60,000) 100,000 179,040 Stockholders' Equity Common Stock, no par $ 110,000 55,440 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 13,600 165,440 $ 179,040 Prepare the manufacturing overhead budget. (Enter any per unit amounts to two decimal places, XXX. Abbreviations used: VOH = variable manufacturing overhead; FOH = fixed manufacturing overhead.) Review the production budget you prepared above. Review the direct labor budget you prepared above. Irwin Batting Company Manufacturing Overhead Budget For the Quarter Ended March 31, 2025 VOH cost per bat Budgeted VOH Budgeted FOH Depreciation Insurance and property taxes Total budgeted FOH Budgeted manufacturing overhead costs Youth Adult Bats Bats Total Requirement 4. Prepare Irwin's cost of goods sold budget for the first quarter of 2025. Before preparing the cost of goods sold budget, calculate the projected manufacturing cost per bat for 2025. (Round all amounts to the nearest cent.) Youth Bats Adult Bats Total projected manufacturing cost per bat for 2025 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, 2025 Youth Adult For the Quarter crued march 31, 2023 Bats produced and sold in 1st quarter of 2025 Youth Adult Bats Bats Total Total budgeted cost of goods sold Requirement 5. Prepare Irwin's selling and administrative expense budget for the first quarter of 2025. Review the sales budget you prepared above. Irwin Batting Company Selling and Administrative Expense Budget For the Quarter Ended March 31, 2025 Total budgeted selling and administrative expense