The Irwin Batting Company manufactures wood baseball bats. Irwins two primary products are a youth bat and an adult bat. Irwin sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $35 and the adult bat sells for $50. Irwins highest Sales Volume is the first three months of the year as the retailers prepare for spring baseball season. Data for Irwin Batting Company for the first quarter of 2019: a. Budgeted Sales are 1,400 youth bats and 3,300 adult bats. b. Finished goods inventory on December 31, 2018, consists of 700 youth bats at $15 each and 550 adult bats at $10 each. c. Desired Finished goods inventory is 220 youth bats and 300 adult bats; FIFO inventory costing method is used. d. Direct material required are 40 ounces of wood for the youth bat and 70 ounces for the adult bat at a cost of $.10 per ounce e. Raw materials inventory on December 31, 2018 consists of 90,000 ounces of wood at $.10 per ounce. f. Desired Raw Materials inventory is 90,000 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 $.30 per bat i. Fixed manufacturing overhead includes $1,300 per quarter in depreciation and $14,977per quarter for other costs, such as insurance and property taxes. j. 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 for depreciation. k. Variable selling and administrative expenses include supplies at 1% of sales. Requirement 1. Prepare Irwins sales budget for first quarter of 2019. 2. Prepare Irwins production budget for the first quarter of 2019. 3. Prepare Irwins direct materials, direct labor budget, and manufacturing budget for the first quarter of 2019. Round the predetermined overhead allocation to two decimal places. The overhead allocation base is direct labor hours. 4. Prepare Irwins cost of goods sold budget for the first quarter of 2019 5. Prepare Irwins selling and administrative expense budget for the first quarter of 2019