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 accou The youth bat sells for $35; 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.) (Click the icon t Data Table Read the requirements. More Info X Requirement 1. Prepare Irwin's sales budget for the first quarter of 2025. Assets Current Assets Irwin Batting Company Sales Budget Cash $ 40,000 22,800 Accounts Receivable For the Quarter Ended March 31, 2025 Youth Adult Bats Bats Raw Materials Inventory 4,400 Total 15,930 Budgeted bats to be sold 2000 3600 Finished Goods Inventory Total Current Assets 5600 $ 83,130 35 70 Sales price per unit 70000 252000 Property, Plant, and Equipment: Equipment a. Budgeted sales are 2,000 youth bats and 3,600 adult bats. b. Finished Goods Inventory on December 31, 2024, consists of 550 youth bats at $11 each and 520 adult bats at $19 each. c. Desired ending Finished Goods Inventory is 550 youth bats and 320 adult bats; FIFO inventory costing method is used. d. Direct materials requirements are 52 ounces of wood per youth bat and 62 ounces of wood per adult bat. The cost of wood is $0.20 per ounce. e. Raw Materials Inventory on December 31, 2024, consists of 22,000 ounces of wood at $0.20 per ounce. f. Desired ending Raw Materials Inventory is 22,000 ounces (indirect materials are insignificant and not considered for budgeting purposes). g. Each bat requires 0.6 hours of direct labor, direct labor costs average $26 per hour. h. Variable manufacturing overhead is $0.50 per bat. i. Fixed manufacturing overhead includes $1,000 per quarter in depreciation and $2,780 per quarter for other costs, such as insurance and property taxes j. Fixed selling and administrative expenses include $10,000 per quarter for salaries, $1,500 per quarter for rent; $1,600 per quarter for insurance, and $400 per quarter for depreciation k. Variable selling and administrative expenses include supplies at 1% of sales. Total sales 32200 140,000 (30,000) Less: Accumulated Depreciation 110,000 Requirement 2. Prepare Irwin's production budget for the first quarter of 2025 $ 193,130 Total Assets Liabilities Irwin Batting Company Production Budget For the Quarter Ended March 31, 2025 Youth Adult Current Liabilities: Accounts Payable $ 8,000 Bats Bats Stockholders' Equity $ 2000 3600 Common Stock, no par Budgeted bats to be sold Plus: Desired bats in ending inventory Total bats needed 140,000 45,130 550 320 Retained Earnings Print Done 2550 39201 Total Stockholders' Equity 185,130 $ 193,130 Choose from any list or enter any number in the input fields and then con Total Liabilities and Stockholders' Equity 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 $35; 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.) (Click the icon to view the other data.) Read the requirements More Info 70000 252000 Total sales 32200 Requirements X 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 Youth Adult Bats Bats Budgeted bats to be sold 2000 3600 Plus Desired bats in ending inventory 550 320 Total bats needed 2550 3920 Less: Bats in beginning inventory 550 520 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 Total 5600 870 a. Budgeted sales are 2,000 youth bats and 3,600 adult bats. b. Finished Goods Inventory on December 31, 2024, consists of 550 youth bats at $11 each and 520 adult bats at $19 each. c. Desired ending Finished Goods Inventory is 550 youth bats and 320 adult bats, FIFO inventory costing method is used. d. Direct materials requirements are 52 ounces of wood per youth bat and 62 ounces of wood per adult bat. The cost of wood is $0.20 per ounce. e. Raw Materials Inventory on December 31, 2024, consists of 22,000 ounces of wood at $0.20 per ounce. f. Desired ending Raw Materials Inventory is 22,000 ounces (indirect materials are insignificant and not considered for budgeting purposes) g. Each bat requires 0.6 hours of direct labor, direct labor costs average $26 per hour. Variable manufacturing overhead is $0.50 per bat. i. Fixed manufacturing overhead includes $1,000 per quarter in depreciation and $2,780 per quarter for other costs, such as insurance and property taxes. j. Fixed selling and administrative expenses include $10,000 per quarter for salaries, $1,500 per quarter for rent; $1,600 per quarter for insurance; and $400 per quarter for depreciation k. Variable selling and administrative expenses include supplies at 1% of sales. Print Done Budgeted bats to be produced Requirement 3. Prepare Irwin's direct materials budget, direct labor budget, and manufacturing overhead budget for the first quarter of 2025. Round the predetermined overhead allod Begin by preparing the direct materials budget. Irwin Batting Company Direct Materials Budget For the Quarter Ended March 31, 2025 Youth Print Done Adult Choose from any list or enter any number in the input fields and then continue to the next question. Requirement 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. Begin by preparing the direct materials budget. More Info Data Table Irwin Batting Company Direct Materials Budget Assets a. Budgeted sales are 2,000 youth bats and 3,600 adult bats. For the Quarter Ended March 2025 Youth Adult Current Assets b. Finished Goods Inventory on December 31, 2024, consists of 550 youth bats at $11 each and 520 adult bats at $19 each. Bats Bats Tota Cash $ 40,000 c. Desired ending Finished Goods Inventory is 550 youth bats and 320 adult bats; Accounts Receivable 22.800 FIFO inventory costing method is used. Raw Materials Inventory 4,400 d. Direct materials requirements are 52 ounces of wood per youth bat and 62 ounces Direct materials per bat (ounces) of wood per adult bat. The cost of wood is $0.20 per ounce. 15,930 Direct materials needed for production Finished Goods Inventory e. Raw Materials Inventory on December 31, 2024, consists of 22,000 ounces of wood Total Current Assets 83,130 at $0.20 per ounce. Plus: f. Desired ending Raw Materials Inventory is 22,000 ounces (indirect materials are Property, Plant, and Equipment: Total direct materials needed insignificant and not considered for budgeting purposes). Equipment 140,000 g. Each bat requires 0.6 hours of direct labor, direct labor costs average $26 per hour. Less (30,000) 110,000 Less: Accumulated Depreciation Budgeted purchases of direct materials h. Variable manufacturing overhead is $0.50 per bat. $ 193,130 i. Fixed manufacturing overhead includes $1,000 per quarter in depreciation and Direct materials cost per ounce Total Assets $2,780 per quarter for other costs, such as insurance and property taxes. Liabilities j. Fixed selling and administrative expenses include $10,000 per quarter for salaries; Budgeted cost of direct materials $1,500 per quarter for rent; $1,600 per quarter for insurance; and $400 per quarter Current Liabilities: for depreciation Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, X.XX.) Accounts Payable $ 8,000 k. Variable selling and administrative expenses include supplies at 1% of sales. Review the production budget you prepared above. Stockholders' Equity Choose from any list or enter any number in the input fields and then continue to the next question. Common Stock, no par $ 140,000 Print Done 45,130 Save for Later Retained Earnings Total Stockholders' Equity 185,130 $ 193,130 Total Liabilities and Stockholders' Equity Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, X.XX.) Review the production budget you prepared above. More Info - Data Table Irwin Batting Company Direct Labor Budget For the Quarter Ended March 31, 2025 Youth Adult Bats Bats Assets Current Assets Total Cash $ 40,000 Accounts Receivable 22.800 Raw Materials Inventory 4,400 15,930 Direct labor hours needed for production Finished Goods Inventory Total Current Assets $ 83,130 a. Budgeted sales are 2,000 youth bats and 3,600 adult bats. b. Finished Goods Inventory on December 31, 2024, consists of 550 youth bats at $11 each and 520 adult bats at $19 each. c. Desired ending Finished Goods Inventory is 550 youth bats and 320 adult bats; FIFO inventory costing method is used. d. Direct materials requirements are 52 ounces of wood per youth bat and 62 ounces of wood per adult bat. The cost of wood is $0.20 per ounce. e. Raw Materials Inventory on December 31, 2024, consists of 22,000 ounces of wood at $0.20 per ounce. f. Desired ending Raw Materials Inventory is 22,000 ounces (indirect materials are insignificant and not considered for budgeting purposes). g. Each bat requires 0.6 hours of direct labor, direct labor costs average $26 per hour. h. Variable manufacturing overhead is $0.50 per bat. i. Fixed manufacturing overhead includes $1,000 per quarter in depreciation and $2,780 per quarter for other costs, such as insurance and property taxes. j. Fixed selling and administrative expenses include $10,000 per quarter for salaries; $1,500 per quarter for rent; $1,600 per quarter for insurance, and $400 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 1% of sales. Budgeted direct labor cost Property, Plant, and Equipment: Equipment 140,000 (30,000 Less: Accumulated Depreciation 110,000 Prepare the manufacturing overhead budget. (Enter any per unit amounts to two decimal places, X.XX. Abbr Review the production budget you prepared above. Review the direct labor budget you prepared above. 193,130 Total Assets Liabilities Irwin Batt Company Manufacturing Overhead Budget For the Quarter Ended March 31, 2025 Current Liabilities: Accounts Payable $ 8,000 Stockholders' Equity Choose from any list or enter any number in the input fields and then continue to the next question. Common Stock, no par $ 140,000 45,130 Print Done Save for Later Retained Earnings Total Stockholders' Equity 185,130 $ Total Liabilities and Stockholders' Equity 193,130 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 above. Review the direct labor budget you prepared above. More Info Data Table Irwin Batting Company Manufacturing Overhead Budget Assets For the Quarter Ended March 31, 2025 a. Budgeted sales are 2,000 youth bats and 3,600 adult bats. Youth Adult Current Assets: b. Finished Goods Inventory on December 31, 2024, consists of 550 youth bats at $11 each and 520 adult bats at $19 each. Bats Bats Total Cash $ 40,000 c. Desired ending Finished Goods Inventory is 550 youth bats and 320 adult bats; Accounts Receivable 22,800 FIFO inventory costing method is used. Raw Materials Inventory 4,400 d. Direct materials requirements are 52 ounces of wood per youth bat and 62 ounces VOH cost per bat of wood per adult bat. The cost of wood is $0.20 per ounce. 15,930 Budgeted VOH Finished Goods Inventory e. Raw Materials Inventory on December 31, 2024, consists of 22,000 ounces of wood Budgeted FOH Total Current Assets at $0.20 per ounce. $ 83,130 f. Desired ending Raw Materials Inventory is 22,000 ounces (indirect materials are Depreciation Property, Plant, and Equipment: insignificant and not considered for budgeting purposes). Insurance and property taxes Equipment 140,000 g. Each bat requires 0.6 hours of direct labor, direct labor costs average $26 per hour (30,000) 110,000 Less: Accumulated Depreciation Total budgeted FOH h. Variable manufacturing overhead is $0.50 per bat. $ 193,130 i. Fixed manufacturing overhead includes $1,000 per quarter in depreciation and Budgeted manufacturing overhead costs Total Assets $2,780 per quarter for other costs, such as insurance and property taxes Liabilities j. Fixed selling and administrative expenses include $10,000 per quarter for salaries, $1,500 per quarter for rent; $1,600 per quarter for insurance, and $400 per quarter Direct labor hours Current Liabilities: for depreciation. Budgeted manufacturing overhead costs Accounts Payable $ 8,000 k. Variable selling and administrative expenses include supplies at 1% of sales. Stockholders' Equity Choose from any list or enter any number in the input fields and then continue to the next question. Common Stock, no par $ 140,000 Print Done 45,130 Save for Later Retained Earnings Total Stockholders' Equity 185,130 $ 193,130 Total Liabilities and Stockholders' Equity 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.) More Info Youth Bats Adult Bats Data Table Assets Current Assets Total projected manufacturing cost per bat for 2025 Cash $ 40,000 22.800 Accounts Receivable Now prepare the cost of goods sold budget Review the sales budget you prepared above. Review the production budget you prepared above. Raw Materials Inventory 4,400 15,930 $ Irwin Batting Company Cost of Goods Sold Budget For the Quarter Ended March 31, 2025 a. Budgeted sales are 2,000 youth bats and 3,600 adult bats. b. Finished Goods Inventory on December 31, 2024, consists of 550 youth bats at $11 each and 520 adult bats at $19 each. c. Desired ending Finished Goods Inventory is 550 youth bats and 320 adult bats; FIFO inventory costing method is used. d. Direct materials requirements are 52 ounces of wood per youth bat and 62 ounces of wood per adult bat. The cost of wood is $0.20 per ounce. e. Raw Materials Inventory on December 31, 2024, consists of 22,000 ounces of wood at $0.20 per ounce. f. Desired ending Raw Materials Inventory is 22,000 ounces (indirect materials are insignificant and not considered for budgeting purposes). g. Each bat requires 0.6 hours of direct labor, direct labor costs average $26 per hour. h. Variable manufacturing overhead is $0.50 per bat. i. Fixed manufacturing overhead includes $1,000 per quarter in depreciation and $2,780 per quarter for other costs, such as insurance and property taxes. j. Fixed selling and administrative expenses include $10,000 per quarter for salaries, $1,500 per quarter for rent; $1,600 per quarter for insurance; and $400 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 1% of sales. Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment 83,130 Youth Adult 140,000 (30,000) Bats Bats Total Less: Accumulated Depreciation 110,000 $ Total Assets 193,130 Bats produced and sold in 1st quarter of 2025 Liabilities Total budgeted cost of goods sold Current Liabilities Accounts Payable $ 8,000 Choose from any list or enter any number in the input fields and then continue to the next question. Stockholders' Equity $ Print Done Common Stock, no par Save for Later 140,000 45,130 Retained Earnings Total Stockholders' Equity 185,130 $ 193,130 Total Liabilities and Stockholders' Equity Cost of Goods Sold Budget For the Quarter Ended March 31, 2025 Youth More Info Adult Bats Bats Total Data Table Bats produced and sold in 1st quarter of 2025 Assets Total budgeted cost of goods sold Current Assets: Cash $ 40,000 Accounts Receivable 22.800 Raw Materials Inventory 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 4,400 15,930 a. Budgeted sales are 2,000 youth bats and 3,600 adult bats. b. Finished Goods Inventory on December 31, 2024, consists of 550 youth bats at $11 each and 520 adult bats at $19 each. c. Desired ending Finished Goods Inventory is 550 youth bats and 320 adult bats; FIFO inventory costing method is used. d. Direct materials requirements are 52 ounces of wood per youth bat and 62 ounces of wood per adult bat. The cost of wood is $0.20 per ounce. e. Raw Materials Inventory on December 31, 2024, consists of 22,000 ounces of wood at $0.20 per ounce. f. Desired ending Raw Materials Inventory is 22,000 ounces (indirect materials are insignificant and not considered for budgeting purposes). g. Each bat requires 0.6 hours of direct labor, direct labor costs average $26 per hour. h. Variable manufacturing overhead is $0.50 per bat. i. Fixed manufacturing overhead includes $1,000 per quarter in depreciation and $2,780 per quarter for other costs, such as insurance and property taxes. j. Fixed selling and administrative expenses include $10,000 per quarter for salaries; $1,500 per quarter for rent; $1,600 per quarter for insurance; and $400 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 1% of sales. $ Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment 83,130 140,000 (30,000) Less: Accumulated Depreciation 110,000 193,130 Total Assets Liabilities Total budgeted selling and administrative expense Current Liabilities: Accounts Payable $ 8,000 Choose from any list or enter any number in the input fields and then continue to the next question. Stockholders' Equity Print Done Common Stock, no par $ Save for Later 140,000 45,130 Retained Earnings Total Stockholders' Equity 185,130 $ 193,130 Total Liabilities and Stockholders' Equity 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 accou The youth bat sells for $35; 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.) (Click the icon t Data Table Read the requirements. More Info X Requirement 1. Prepare Irwin's sales budget for the first quarter of 2025. Assets Current Assets Irwin Batting Company Sales Budget Cash $ 40,000 22,800 Accounts Receivable For the Quarter Ended March 31, 2025 Youth Adult Bats Bats Raw Materials Inventory 4,400 Total 15,930 Budgeted bats to be sold 2000 3600 Finished Goods Inventory Total Current Assets 5600 $ 83,130 35 70 Sales price per unit 70000 252000 Property, Plant, and Equipment: Equipment a. Budgeted sales are 2,000 youth bats and 3,600 adult bats. b. Finished Goods Inventory on December 31, 2024, consists of 550 youth bats at $11 each and 520 adult bats at $19 each. c. Desired ending Finished Goods Inventory is 550 youth bats and 320 adult bats; FIFO inventory costing method is used. d. Direct materials requirements are 52 ounces of wood per youth bat and 62 ounces of wood per adult bat. The cost of wood is $0.20 per ounce. e. Raw Materials Inventory on December 31, 2024, consists of 22,000 ounces of wood at $0.20 per ounce. f. Desired ending Raw Materials Inventory is 22,000 ounces (indirect materials are insignificant and not considered for budgeting purposes). g. Each bat requires 0.6 hours of direct labor, direct labor costs average $26 per hour. h. Variable manufacturing overhead is $0.50 per bat. i. Fixed manufacturing overhead includes $1,000 per quarter in depreciation and $2,780 per quarter for other costs, such as insurance and property taxes j. Fixed selling and administrative expenses include $10,000 per quarter for salaries, $1,500 per quarter for rent; $1,600 per quarter for insurance, and $400 per quarter for depreciation k. Variable selling and administrative expenses include supplies at 1% of sales. Total sales 32200 140,000 (30,000) Less: Accumulated Depreciation 110,000 Requirement 2. Prepare Irwin's production budget for the first quarter of 2025 $ 193,130 Total Assets Liabilities Irwin Batting Company Production Budget For the Quarter Ended March 31, 2025 Youth Adult Current Liabilities: Accounts Payable $ 8,000 Bats Bats Stockholders' Equity $ 2000 3600 Common Stock, no par Budgeted bats to be sold Plus: Desired bats in ending inventory Total bats needed 140,000 45,130 550 320 Retained Earnings Print Done 2550 39201 Total Stockholders' Equity 185,130 $ 193,130 Choose from any list or enter any number in the input fields and then con Total Liabilities and Stockholders' Equity 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 $35; 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.) (Click the icon to view the other data.) Read the requirements More Info 70000 252000 Total sales 32200 Requirements X 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 Youth Adult Bats Bats Budgeted bats to be sold 2000 3600 Plus Desired bats in ending inventory 550 320 Total bats needed 2550 3920 Less: Bats in beginning inventory 550 520 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 Total 5600 870 a. Budgeted sales are 2,000 youth bats and 3,600 adult bats. b. Finished Goods Inventory on December 31, 2024, consists of 550 youth bats at $11 each and 520 adult bats at $19 each. c. Desired ending Finished Goods Inventory is 550 youth bats and 320 adult bats, FIFO inventory costing method is used. d. Direct materials requirements are 52 ounces of wood per youth bat and 62 ounces of wood per adult bat. The cost of wood is $0.20 per ounce. e. Raw Materials Inventory on December 31, 2024, consists of 22,000 ounces of wood at $0.20 per ounce. f. Desired ending Raw Materials Inventory is 22,000 ounces (indirect materials are insignificant and not considered for budgeting purposes) g. Each bat requires 0.6 hours of direct labor, direct labor costs average $26 per hour. Variable manufacturing overhead is $0.50 per bat. i. Fixed manufacturing overhead includes $1,000 per quarter in depreciation and $2,780 per quarter for other costs, such as insurance and property taxes. j. Fixed selling and administrative expenses include $10,000 per quarter for salaries, $1,500 per quarter for rent; $1,600 per quarter for insurance; and $400 per quarter for depreciation k. Variable selling and administrative expenses include supplies at 1% of sales. Print Done Budgeted bats to be produced Requirement 3. Prepare Irwin's direct materials budget, direct labor budget, and manufacturing overhead budget for the first quarter of 2025. Round the predetermined overhead allod Begin by preparing the direct materials budget. Irwin Batting Company Direct Materials Budget For the Quarter Ended March 31, 2025 Youth Print Done Adult Choose from any list or enter any number in the input fields and then continue to the next question. Requirement 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. Begin by preparing the direct materials budget. More Info Data Table Irwin Batting Company Direct Materials Budget Assets a. Budgeted sales are 2,000 youth bats and 3,600 adult bats. For the Quarter Ended March 2025 Youth Adult Current Assets b. Finished Goods Inventory on December 31, 2024, consists of 550 youth bats at $11 each and 520 adult bats at $19 each. Bats Bats Tota Cash $ 40,000 c. Desired ending Finished Goods Inventory is 550 youth bats and 320 adult bats; Accounts Receivable 22.800 FIFO inventory costing method is used. Raw Materials Inventory 4,400 d. Direct materials requirements are 52 ounces of wood per youth bat and 62 ounces Direct materials per bat (ounces) of wood per adult bat. The cost of wood is $0.20 per ounce. 15,930 Direct materials needed for production Finished Goods Inventory e. Raw Materials Inventory on December 31, 2024, consists of 22,000 ounces of wood Total Current Assets 83,130 at $0.20 per ounce. Plus: f. Desired ending Raw Materials Inventory is 22,000 ounces (indirect materials are Property, Plant, and Equipment: Total direct materials needed insignificant and not considered for budgeting purposes). Equipment 140,000 g. Each bat requires 0.6 hours of direct labor, direct labor costs average $26 per hour. Less (30,000) 110,000 Less: Accumulated Depreciation Budgeted purchases of direct materials h. Variable manufacturing overhead is $0.50 per bat. $ 193,130 i. Fixed manufacturing overhead includes $1,000 per quarter in depreciation and Direct materials cost per ounce Total Assets $2,780 per quarter for other costs, such as insurance and property taxes. Liabilities j. Fixed selling and administrative expenses include $10,000 per quarter for salaries; Budgeted cost of direct materials $1,500 per quarter for rent; $1,600 per quarter for insurance; and $400 per quarter Current Liabilities: for depreciation Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, X.XX.) Accounts Payable $ 8,000 k. Variable selling and administrative expenses include supplies at 1% of sales. Review the production budget you prepared above. Stockholders' Equity Choose from any list or enter any number in the input fields and then continue to the next question. Common Stock, no par $ 140,000 Print Done 45,130 Save for Later Retained Earnings Total Stockholders' Equity 185,130 $ 193,130 Total Liabilities and Stockholders' Equity Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, X.XX.) Review the production budget you prepared above. More Info - Data Table Irwin Batting Company Direct Labor Budget For the Quarter Ended March 31, 2025 Youth Adult Bats Bats Assets Current Assets Total Cash $ 40,000 Accounts Receivable 22.800 Raw Materials Inventory 4,400 15,930 Direct labor hours needed for production Finished Goods Inventory Total Current Assets $ 83,130 a. Budgeted sales are 2,000 youth bats and 3,600 adult bats. b. Finished Goods Inventory on December 31, 2024, consists of 550 youth bats at $11 each and 520 adult bats at $19 each. c. Desired ending Finished Goods Inventory is 550 youth bats and 320 adult bats; FIFO inventory costing method is used. d. Direct materials requirements are 52 ounces of wood per youth bat and 62 ounces of wood per adult bat. The cost of wood is $0.20 per ounce. e. Raw Materials Inventory on December 31, 2024, consists of 22,000 ounces of wood at $0.20 per ounce. f. Desired ending Raw Materials Inventory is 22,000 ounces (indirect materials are insignificant and not considered for budgeting purposes). g. Each bat requires 0.6 hours of direct labor, direct labor costs average $26 per hour. h. Variable manufacturing overhead is $0.50 per bat. i. Fixed manufacturing overhead includes $1,000 per quarter in depreciation and $2,780 per quarter for other costs, such as insurance and property taxes. j. Fixed selling and administrative expenses include $10,000 per quarter for salaries; $1,500 per quarter for rent; $1,600 per quarter for insurance, and $400 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 1% of sales. Budgeted direct labor cost Property, Plant, and Equipment: Equipment 140,000 (30,000 Less: Accumulated Depreciation 110,000 Prepare the manufacturing overhead budget. (Enter any per unit amounts to two decimal places, X.XX. Abbr Review the production budget you prepared above. Review the direct labor budget you prepared above. 193,130 Total Assets Liabilities Irwin Batt Company Manufacturing Overhead Budget For the Quarter Ended March 31, 2025 Current Liabilities: Accounts Payable $ 8,000 Stockholders' Equity Choose from any list or enter any number in the input fields and then continue to the next question. Common Stock, no par $ 140,000 45,130 Print Done Save for Later Retained Earnings Total Stockholders' Equity 185,130 $ Total Liabilities and Stockholders' Equity 193,130 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 above. Review the direct labor budget you prepared above. More Info Data Table Irwin Batting Company Manufacturing Overhead Budget Assets For the Quarter Ended March 31, 2025 a. Budgeted sales are 2,000 youth bats and 3,600 adult bats. Youth Adult Current Assets: b. Finished Goods Inventory on December 31, 2024, consists of 550 youth bats at $11 each and 520 adult bats at $19 each. Bats Bats Total Cash $ 40,000 c. Desired ending Finished Goods Inventory is 550 youth bats and 320 adult bats; Accounts Receivable 22,800 FIFO inventory costing method is used. Raw Materials Inventory 4,400 d. Direct materials requirements are 52 ounces of wood per youth bat and 62 ounces VOH cost per bat of wood per adult bat. The cost of wood is $0.20 per ounce. 15,930 Budgeted VOH Finished Goods Inventory e. Raw Materials Inventory on December 31, 2024, consists of 22,000 ounces of wood Budgeted FOH Total Current Assets at $0.20 per ounce. $ 83,130 f. Desired ending Raw Materials Inventory is 22,000 ounces (indirect materials are Depreciation Property, Plant, and Equipment: insignificant and not considered for budgeting purposes). Insurance and property taxes Equipment 140,000 g. Each bat requires 0.6 hours of direct labor, direct labor costs average $26 per hour (30,000) 110,000 Less: Accumulated Depreciation Total budgeted FOH h. Variable manufacturing overhead is $0.50 per bat. $ 193,130 i. Fixed manufacturing overhead includes $1,000 per quarter in depreciation and Budgeted manufacturing overhead costs Total Assets $2,780 per quarter for other costs, such as insurance and property taxes Liabilities j. Fixed selling and administrative expenses include $10,000 per quarter for salaries, $1,500 per quarter for rent; $1,600 per quarter for insurance, and $400 per quarter Direct labor hours Current Liabilities: for depreciation. Budgeted manufacturing overhead costs Accounts Payable $ 8,000 k. Variable selling and administrative expenses include supplies at 1% of sales. Stockholders' Equity Choose from any list or enter any number in the input fields and then continue to the next question. Common Stock, no par $ 140,000 Print Done 45,130 Save for Later Retained Earnings Total Stockholders' Equity 185,130 $ 193,130 Total Liabilities and Stockholders' Equity 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.) More Info Youth Bats Adult Bats Data Table Assets Current Assets Total projected manufacturing cost per bat for 2025 Cash $ 40,000 22.800 Accounts Receivable Now prepare the cost of goods sold budget Review the sales budget you prepared above. Review the production budget you prepared above. Raw Materials Inventory 4,400 15,930 $ Irwin Batting Company Cost of Goods Sold Budget For the Quarter Ended March 31, 2025 a. Budgeted sales are 2,000 youth bats and 3,600 adult bats. b. Finished Goods Inventory on December 31, 2024, consists of 550 youth bats at $11 each and 520 adult bats at $19 each. c. Desired ending Finished Goods Inventory is 550 youth bats and 320 adult bats; FIFO inventory costing method is used. d. Direct materials requirements are 52 ounces of wood per youth bat and 62 ounces of wood per adult bat. The cost of wood is $0.20 per ounce. e. Raw Materials Inventory on December 31, 2024, consists of 22,000 ounces of wood at $0.20 per ounce. f. Desired ending Raw Materials Inventory is 22,000 ounces (indirect materials are insignificant and not considered for budgeting purposes). g. Each bat requires 0.6 hours of direct labor, direct labor costs average $26 per hour. h. Variable manufacturing overhead is $0.50 per bat. i. Fixed manufacturing overhead includes $1,000 per quarter in depreciation and $2,780 per quarter for other costs, such as insurance and property taxes. j. Fixed selling and administrative expenses include $10,000 per quarter for salaries, $1,500 per quarter for rent; $1,600 per quarter for insurance; and $400 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 1% of sales. Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment 83,130 Youth Adult 140,000 (30,000) Bats Bats Total Less: Accumulated Depreciation 110,000 $ Total Assets 193,130 Bats produced and sold in 1st quarter of 2025 Liabilities Total budgeted cost of goods sold Current Liabilities Accounts Payable $ 8,000 Choose from any list or enter any number in the input fields and then continue to the next question. Stockholders' Equity $ Print Done Common Stock, no par Save for Later 140,000 45,130 Retained Earnings Total Stockholders' Equity 185,130 $ 193,130 Total Liabilities and Stockholders' Equity Cost of Goods Sold Budget For the Quarter Ended March 31, 2025 Youth More Info Adult Bats Bats Total Data Table Bats produced and sold in 1st quarter of 2025 Assets Total budgeted cost of goods sold Current Assets: Cash $ 40,000 Accounts Receivable 22.800 Raw Materials Inventory 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 4,400 15,930 a. Budgeted sales are 2,000 youth bats and 3,600 adult bats. b. Finished Goods Inventory on December 31, 2024, consists of 550 youth bats at $11 each and 520 adult bats at $19 each. c. Desired ending Finished Goods Inventory is 550 youth bats and 320 adult bats; FIFO inventory costing method is used. d. Direct materials requirements are 52 ounces of wood per youth bat and 62 ounces of wood per adult bat. The cost of wood is $0.20 per ounce. e. Raw Materials Inventory on December 31, 2024, consists of 22,000 ounces of wood at $0.20 per ounce. f. Desired ending Raw Materials Inventory is 22,000 ounces (indirect materials are insignificant and not considered for budgeting purposes). g. Each bat requires 0.6 hours of direct labor, direct labor costs average $26 per hour. h. Variable manufacturing overhead is $0.50 per bat. i. Fixed manufacturing overhead includes $1,000 per quarter in depreciation and $2,780 per quarter for other costs, such as insurance and property taxes. j. Fixed selling and administrative expenses include $10,000 per quarter for salaries; $1,500 per quarter for rent; $1,600 per quarter for insurance; and $400 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 1% of sales. $ Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment 83,130 140,000 (30,000) Less: Accumulated Depreciation 110,000 193,130 Total Assets Liabilities Total budgeted selling and administrative expense Current Liabilities: Accounts Payable $ 8,000 Choose from any list or enter any number in the input fields and then continue to the next question. Stockholders' Equity Print Done Common Stock, no par $ Save for Later 140,000 45,130 Retained Earnings Total Stockholders' Equity 185,130 $ 193,130 Total Liabilities and Stockholders' Equity
