The Langley Batting Company manufactures wood baseball bats. Langley's two primary products are a youth bat, designed for children and young teens, and an adu bat, designed for high school and college-aged players. Langley sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $40; the adult bat sells for $65. Langley's highest sales volume is in the first three months of the year as retailers prepare for the spring baseball season. Langley'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 1. Prepare Langley's sales budget for the first quarter of 2019 Langley Batting Company Sales Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Bats Total Budgeted bats to be sold Sales price per unit Total sales Requirement 2. Prepare Langley's production budget for the first quarter of 2019. Langley Batting Company Production Budget Choose from any list or enter any number in the input fields and then continue to the next question. Data Table - e Langley Batting Company m , designed for high school and ult bat sells for $65. Langley's eet for December 31, 2018, ar (Click the icon to view the ba hildren and young te unt. The youth bats aseball season. Lan Langley Batting Company Balance Sheet ad the requirements December 31, 2018 quirement 1. Prepare Langle Assets Current Assets Langley Cash $ 30.000 Sa Accounts Receivable 16,700 For the Quarte Raw Materials Inventory 6,000 21,300 Finished Goods Inventory $ 74,000 dgeted bats to be sold Total Current Assets Property, Plant, and Equipment: Equipment les price per unit tal sales 130,000 (50,000) Less: Accumulated Depreciation 80,000 quirement 2. Prepare Langle $ 154,000 Total Assets Liabilities ose from any list or enter a Print Done More Info - - e Langley Batting Company m -, designed for high school and ult bat sells for $65. Langley's eet for December 31, 2018, an (Click the icon to view the ba dren and young tee t. The youth bat sel ball season. Langle ad the requirements. quirement 1. Prepare Langley Langley Sal For the Quarter a. Budgeted sales are 1,200 youth bats and 2,600 adult bats. b. Finished Goods Inventory on December 31, 2018, consists of 300 youth bats at $14 each and 950 adult bats at $18 each. c. Desired ending Finished Goods Inventory is 350 youth bats and 300 adult bats; FIFO inventory costing method is used. d. Direct materials requirements are 48 ounces of wood per youth bat and 56 ounces of wood per adult bat. The cost of wood is $0.25 per ounce. e. Raw Materials Inventory on December 31, 2018, consists of 24,000 ounces of wood at $0.25 per ounce. f. Desired ending Raw Materials Inventory is 24,000 ounces (indirect materials are insignificant and not considered for budgeting purposes). g. Each bat requires 0.7 hours of direct labor, direct labor costs average $18 per hour. h. Variable manufacturing overhead is $0.30 per bat. i. Fixed manufacturing overhead includes $1,300 per quarter in depreciation and $20,140 per quarter for other costs, such as insurance and property taxes. j. Fixed selling and administrative expenses include $9,000 per quarter for salaries; $2,500 per quarter for rent; $1,000 per quarter for insurance, and $200 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 2% of sales. dgeted bats to be sold les price per unit tal sales quirement 2. Prepare Langley Dose from any list or enter ar Print Done The Langley Batting Company manufactures wood baseball bats. Langley's two primary products are a youth bat, designed for children and young teens, and an ad bat, designed for high school and college-aged players. Langley sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $40; the adult bat sells for $65. Langley's highest sales volume is in the first three months of the year as retailers prepare for the spring baseball season. Langley'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 For the Quarter Ended March 31, 2019 Youth Adult Bats Bats Total Plus: Total bats needed Less: Budgeted bats to be produced rter of 2019. Round the Requirement 3. Prepare Langley's direct materials budget, direct labor budget, and manufacturing overhead get for the first predetermined overhead allocation rate to two decimal places. The overhead allocation base is direct labor hours. Begin by preparing the direct materials budget. Langley Batting Company Direct Materials Budget Choose from any list or enter any number in the input fields and then continue to the next question. adult bat sells for $65. Langley s highest sales volume is in the first three months of the year as retailers prepare for the spring baseball season. Langley 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 For the Quarter Ended March 31, 2019 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 Choose from any list or enter any number in the input fields and then continue to the next question. neel lor December 31, 1o, and other data for the list quarter ol 2019 TONOW (Click the icon to view the balance sheet.) (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. Langley Batting Company Direct Labor Budget For the Quarter Ended March 31, 2019 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 Choose from any list or enter any number in the input fields and then continue to the next question. The Langley Batting Company manufactures wood baseball bats. Langley's two primary products are a youth bat, designed for children and young teens, and bat, designed for high school and college-aged players. Langley sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $ adult bat sells for $65. Langley's highest sales volume is in the first three months of the year as retailers prepare for the spring baseball season. Langley's bal 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. Review the production budget you prepared above. Review the direct labor budget you prepared above. Langley Tire Company Manufacturing Overhead Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Bats Total VOH cost per bat Budgeted VOH Budgeted FOH Depreciation Insurance and property taxes Choose from any list or enter any number in the input fields and then continue to the next question. The Langley Batting Company manufactures wood baseball bats. Langley's two primary products are a youth bat, designed for children and young teens, and bat, designed for high school and college-aged players. Langley sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $40 adult bat sells for $65. Langley's highest sales volume is in the first three months of the year as retailers prepare for the spring baseball season. Langley's bala 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 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 Langley's cost of goods sold budget for the first quarter of 2019. Requirement 4. Prepare Langley's cost of goods sold budget the first quarter of 2019. Before preparing the cost of goods sold budget, calculate the projected manufacturing cost per bat for 2019. (Round all amounts to the nearest cent.) Youth Bats Adult Bats Total projected manufacturing cost per bat for 2019 Now prepare the cost of goods sold budget. Review the sales budget you prepared above. Review the production budget you prepared above. Langley Batting Company Cost of Goods Sold Budget For the Quarter Ended March 31, 2019 Choose from any list or enter any number in the input fields and then continue to the next question. (Click the icon to view the balance sheet.) (Click the icon to view the other data.) Read the requirements. Cost of Goods Sold Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Bats Total Bats produced and sold in 1st quarter of 2019 Total budgeted cost of goods sold Requirement 5. Prepare Langley's selling and administrative expense budget for the first quarter of 2019. Review the sales budget you prepared above. Langley Batting Company Selling and Administrative Expense Budget For the Quarter Ended March 31, 2019 E: (Click the icon to view the balance sheet.) (Click the icon to view the other data.) Read the requirements. Bats produced and sold in 1st quarter of 2019 Total budgeted cost of goods sold Requirement 5. Prepare Langley's selling and administrative expense budget for the first quarter of 2019. Review the sales budget you prepared above. Langley Batting Company Selling and Administrative Expense Budget For the Quarter Ended March 31, 2019 Total budgeted selling and administrative expense