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

$60.

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:

Data Table x x More Info Lith bat sells for $35; the adult The Irwin Batting Company manufactures wood baseball bats. Irwin's two primary products bat sells for $60. Irwin's highest sales volume is in the first three months of the year as reta E: (Click the icon to view the balance sheet.) (Click the icon to view the oth Read the requirements Irwin Batting Company Balance Sheet December 31, 2024 Requirement 1. Prepare Irwin's sales budget for the first quarter of 2025. Assets Current Assets Irwin Batting Company Sales Budget For the Quarter Ended March 31, 2025 Youth Adult Cash $ 45,000 Accounts Receivable 17.900 Bats Bats Total Raw Materials Inventory 9,800 a. Budgeted sales are 1,700 youth bats and 2,900 adult bats b. Finished Goods Inventory on December 31, 2024, consists of 550 youth bats at $12 each and 440 adult bats at $16 each. c. Desired ending Finished Goods Inventory is 550 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 54 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 28,000 ounces of wood at $0.35 per ounce. f. Desired ending Raw Materials Inventory is 28,000 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 $16 per hour. h. Variable manufacturing overhead is $0.90 per bat. i. Fixed manufacturing overhead includes $700 per quarter in depreciation and $3,359 per quarter for other costs, such as insurance and property taxes. j. Fixed selling and administrative expenses include $11,000 per quarter for salaries; $4,500 per quarter for rent: $1,700 per quarter for insurance; and $150 per quarter for depreciation k. Variable selling and administrative expenses include supplies at 3% of sales. Finished Goods Inventory 13,640 Budgeted bats to be sold Sales price per unit Total Current Assets $ 86,340 Total sales Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation 150.000 (70,000 80,000 $ 166,340 Total Assets 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 Liabilities Current Liabilities: x Requirements Accounts Payable 8,000 Bats Bats Total Stockholders' Equity $ Common Stock, no par Plus: 80,000 78,340 Retained Earnings Total bats needed Total Stockholders' Equity 158,340 Less: 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 Totallibilities and Stockholders' Eauitu $ 166,340 Budgeted bats to be produced Requirement 3. Prepare Irwin's direct materials budget, direct labor budget and manufacty Print Done two Choose from any list or enter any number in the input fields and then continue to the next question. Print Done 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 $60. 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. 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 Adult Bats 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 Youth Adult Bats Bats Total Plus: Total bats needed Less: 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 allocation rate to two decimal places. The overhead allocation base is direct labor hours. Choose from any list or enter any number in the input fields and then continue to the next question ? 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 $60. 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: 23 Click the icon to view the balance sheet.) A (Click the icon to view the other data.) Read the requirements 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 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, 2025 Youth Adult Bats Bats Total Direct materials per bat (ounces) Direct materials needed for production Plus: Total direct materials needed Less Budgeted purchases of direct materials Direct materials cost per ounce Budgeted cost of direct materials Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, X.XX.) Review the production budget you prepared above. Irwin Batting Company Direct Labor Budget For the Quarter Ended March 31, 2025 Choose from any list or enter any number in the input fields and then continue to the next question. 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 $60. 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 Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, X.XX.) Review the production budget you prepared above. Irwin Batting Company Direct Labor Budget For the Quarter Ended March 31, 2025 Youth Adult Bats Bats Total Direct labor hours needed for production Budgeted direct labor cost 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. Irwin Tire Company Manufacturing Overhead Budget For the Quarter Ended March 31, 2025 Youth Adult Bats Bats Total VOH cost per bat D... dvou Choose from any list or enter any number in the input fields and then continue to the next question. 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 $60. 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 For the Quarter Ended March 31, 2025 Youth Adult Bats Bats Total VOH cost per bat Budgeted VOH Budgeted FOH Depreciation Insurance and property taxes Total budgeted FOH Budgeted manufacturing overhead costs Direct labor hours Budgeted manufacturing overhead costs Predetermined overhead allocation rate 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 Choose from any list or enter any number in the input fields and then continue to the next question. 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 $60. 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. Tular projecte manualung cost per Wat TUI ZUZU 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 Bats Bats Total Bats produced and sold in 1st quarter of 2025 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 Choose from any list or enter any number in the input fields and then continue to the next question. Data Table x x More Info Lith bat sells for $35; the adult The Irwin Batting Company manufactures wood baseball bats. Irwin's two primary products bat sells for $60. Irwin's highest sales volume is in the first three months of the year as reta E: (Click the icon to view the balance sheet.) (Click the icon to view the oth Read the requirements Irwin Batting Company Balance Sheet December 31, 2024 Requirement 1. Prepare Irwin's sales budget for the first quarter of 2025. Assets Current Assets Irwin Batting Company Sales Budget For the Quarter Ended March 31, 2025 Youth Adult Cash $ 45,000 Accounts Receivable 17.900 Bats Bats Total Raw Materials Inventory 9,800 a. Budgeted sales are 1,700 youth bats and 2,900 adult bats b. Finished Goods Inventory on December 31, 2024, consists of 550 youth bats at $12 each and 440 adult bats at $16 each. c. Desired ending Finished Goods Inventory is 550 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 54 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 28,000 ounces of wood at $0.35 per ounce. f. Desired ending Raw Materials Inventory is 28,000 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 $16 per hour. h. Variable manufacturing overhead is $0.90 per bat. i. Fixed manufacturing overhead includes $700 per quarter in depreciation and $3,359 per quarter for other costs, such as insurance and property taxes. j. Fixed selling and administrative expenses include $11,000 per quarter for salaries; $4,500 per quarter for rent: $1,700 per quarter for insurance; and $150 per quarter for depreciation k. Variable selling and administrative expenses include supplies at 3% of sales. Finished Goods Inventory 13,640 Budgeted bats to be sold Sales price per unit Total Current Assets $ 86,340 Total sales Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation 150.000 (70,000 80,000 $ 166,340 Total Assets 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 Liabilities Current Liabilities: x Requirements Accounts Payable 8,000 Bats Bats Total Stockholders' Equity $ Common Stock, no par Plus: 80,000 78,340 Retained Earnings Total bats needed Total Stockholders' Equity 158,340 Less: 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 Totallibilities and Stockholders' Eauitu $ 166,340 Budgeted bats to be produced Requirement 3. Prepare Irwin's direct materials budget, direct labor budget and manufacty Print Done two Choose from any list or enter any number in the input fields and then continue to the next question. Print Done 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 $60. 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. 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 Adult Bats 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 Youth Adult Bats Bats Total Plus: Total bats needed Less: 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 allocation rate to two decimal places. The overhead allocation base is direct labor hours. Choose from any list or enter any number in the input fields and then continue to the next question ? 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 $60. 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: 23 Click the icon to view the balance sheet.) A (Click the icon to view the other data.) Read the requirements 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 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, 2025 Youth Adult Bats Bats Total Direct materials per bat (ounces) Direct materials needed for production Plus: Total direct materials needed Less Budgeted purchases of direct materials Direct materials cost per ounce Budgeted cost of direct materials Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, X.XX.) Review the production budget you prepared above. Irwin Batting Company Direct Labor Budget For the Quarter Ended March 31, 2025 Choose from any list or enter any number in the input fields and then continue to the next question. 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 $60. 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 Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, X.XX.) Review the production budget you prepared above. Irwin Batting Company Direct Labor Budget For the Quarter Ended March 31, 2025 Youth Adult Bats Bats Total Direct labor hours needed for production Budgeted direct labor cost 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. Irwin Tire Company Manufacturing Overhead Budget For the Quarter Ended March 31, 2025 Youth Adult Bats Bats Total VOH cost per bat D... dvou Choose from any list or enter any number in the input fields and then continue to the next question. 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 $60. 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 For the Quarter Ended March 31, 2025 Youth Adult Bats Bats Total VOH cost per bat Budgeted VOH Budgeted FOH Depreciation Insurance and property taxes Total budgeted FOH Budgeted manufacturing overhead costs Direct labor hours Budgeted manufacturing overhead costs Predetermined overhead allocation rate 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 Choose from any list or enter any number in the input fields and then continue to the next question. 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 $60. 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. Tular projecte manualung cost per Wat TUI ZUZU 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 Bats Bats Total Bats produced and sold in 1st quarter of 2025 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 Choose from any list or enter any number in the input fields and then continue to the next