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 $50. 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, 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 3. Prepare Irwin'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. Irwin Batting Company Direct Materials Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Bats Total Budgeted bats to be produced Direct materials per bat (ounces) Direct materials needed for production Plus: Desired direct materials in ending inventory (ounces) Total direct materials needed Less: Direct materials in beginning inventory (ounces) Budgeted purchases of direct materials 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 $50. 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, 2018, and other data for the first quarter of 2019 follow: (Click the icon to view the balance sheet.) i (Click the icon to view the other data.) Read the requirements. More info Duym wy piopulmy LIV UITUL MULUTUIJ wuuyur. Irwin Batting Company Direct Materials Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Bats Total Budgeted bats to be produced Direct materials per bat (ounces) Direct materials needed for production Plus: Desired direct materials in ending inventory (ounces) a. Budgeted sales are 1,400 youth bats and 3,300 adult bats. Finished Goods Inventory on December 31, 2018, consists of 700 youth bats at $15 b. each and 550 adult bats at $10 each. Desired ending Finished Goods Inventory is 220 youth bats and 300 adult bats, c. FIFO inventory costing method is used. Direct materials requirements are 40 ounces of wood per youth bat and 70 ounces d. of wood per adult bat. The cost of wood is $0.10 per ounce. Raw Materials Inventory on December 31, 2018, consists of 90,000 ounces of wood e. at $0.10 per ounce. Desired ending Raw Materials Inventory is 90,000 ounces (indirect materials are f. 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 $0.30 per bat. Fixed manufacturing overhead includes $1,300 per quarter in depreciation and i. $14,977 per quarter for other costs, such as insurance and property taxes. Fixed selling and administrative expenses include $13,000 per quarter for salaries; $3,500 per quarter for rent; $1,400 per quarter for insurance, and $450 per quarter j. for depreciation. k. Variable selling and administrative expenses include supplies at 1% of sales. Total direct materials needed Less: Direct materials in beginning inventory (ounces) Budgeted purchases of direct materials Direct materials cost per ounce Budgeted cost of direct materials 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 $50. 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, 2018, and other data for the first quarter of 2019 follow: E (Click the icon to view the balance sheet.) (Click the icon to view the other data.) Read the requirements. vuywy piopuri LIU JITUL MULUTUIJ wuuyuu. - Irwin Batting Company Direct Materials Budget For the Quarter Ended March 31, 2019 Youth Requirements Adult Bats Bats Total Budgeted bats to be produced Direct materials per bat (ounces) Direct materials needed for production Plus: Desired direct materials in ending inventory (ounces) Total direct materials needed 1. Prepare Irwin's sales budget for the first quarter of 2019. 2. Prepare Irwin's production budget for the first quarter of 2019. 3. Prepare Irwin'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. 4. Prepare Irwin's cost of goods sold budget for the first quarter of 2019. 5. Prepare Irwin's selling and administrative expense budget for the first quarter of 2019 Less: Direct materials in beginning inventory (ounces) Budgeted purchases of direct materials Direct materials cost per ounce Print Done Budgeted cost of direct materials MAIL: Cloor all cbook onomar he r childre s in the Data table ei Irwin Batting Company Balance Sheet December 31, 2018 Assets $ $ 20,000 18,500 Current Assets: Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment 9,000 16,000 $ 63,500 130,000 (70,000) Less: Accumulated Depreciation 60,000 $ 123,500 Total Assets Print Done Ere nd Data table 16,000 $ 63,500 Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment 130,000 (70,000) Less: Accumulated Depreciation 60,000 $ 123,500 11,600 Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par $ Retained Earnings Total Stockholders' Equity 90,000 21,900 111,900 $ 123,500 Total Liabilities and Stockholders' Equity Print Done