The Langley Batting Company manufactures wood baseball bats. Langley's primary product is a youth bat, designed for children and young teens. Langely sells the bats to sporting goods stores, and all sales are on account. The youth bat sells for $40. Langley's highest sales volume is in the first three months of the year as retailers prepare for the spring baseball season. Other data for Langley Batting Company for the first quarter and second quarter of 2025 includes: 1. Budgeted sales are for 2,500 youth bats for the first quarter of 2025 and 1,500 youth bats for the second quarter of 2025 2. Finished goods inventory on December 31, 2024 consists of 250 youth bats at a $28 cost each. 3. Desired ending Finished goods inventory for each quarter is 10% of next quarter's sales. FIFO inventory costing is used. 4. Direct materials requirements are 48 ounces of wood per youth bat. The cost of the wood is $0.25 per ounce. 5. Raw material inventory on December 31, 2024 consists of 6,000 ounces of wood at $0.25 per ounce. 6. Desired ending raw material inventory is 5,000 ounces. Indirect materials are insignificant and not considered for budgeting purposes 7. Each bat requires 0.7 hours of direct labor. Direct labor costs average $18 per hour 8. Variable manufacturing overhead is $0.30 per bat 9. Fixed manufacturing overhead includes $1,300 per quarter in depreciation and $11,084 per quarter for other costs such as insurance and property taxes. 10. The overhead allocation base is direct labor hours. (use the quarter information to compute the predetermined manufacturing overhead allocation rates since the annual information is not available) Required: (IN GOOD FORMAT - which means show the various budgets/schedules rather than just computing the amount and label each schedule pre the requirement listed): USE FORMULAS FOR Subtotals and Totals AND to Link the budgets together 1. Prepare Langley's sales budget for the first quarter of 2025 2. Prepare Langley's production budget for the first quarter of 2025 3. Prepare Langley's direct materials budget for the first quarter of 2025 4. Prepare Langley's direct labor budget for the first quarter of 2025 5. Prepare Langley's manufacturing overhead budget for the first quarter of 2025 (round the predetermned overhead allocation rate to two decimal points) 6. Prepare Langely's cost of goods sold budget for the first quarter of 2025