The Mata Batting Company manufactures wood baseball bats. Mata'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. Mata sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $60, the adult bat sells for $85. Mata's highest sales volume is in the first three months of the year as retailers prepare for the spring baseball season Mata'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 Mata's sales budget for the first quarter of 2019, Mata Batting Company Sales Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Bats Total Budgeted bats to be sold Sales price por und Total sales More info a. Budgeted sales are 2,000 youth bats and 2,900 adult bats. Finished Goods Inventory on December 31, 2018, consists of 350 youth bats at b. $13 each and 850 adult bats at $16 each. Desired ending Finished Goods Inventory is 450 youth bats and 550 adult bats; C. FIFO inventory costing method is used. Direct materials requirements are 44 ounces of wood per youth bat and 60 d. ounces of wood per adult bat. The cost of wood is $0.40 per ounce. Raw Materials Inventory on December 31, 2018, consists of 23,000 ounces of e. wood at $0.40 per ounce. Desired ending Raw Materials Inventory is 23,000 ounces (indirect materials are f. insignificant and not considered for budgeting purposes). Each bat requires 0.5 hours of direct labor; direct labor costs average $10 per g. hour. h. Variable manufacturing overhead is $0.90 per bat. Fixed manufacturing overhead includes $700 per quarter in depreciation and i. $13.870 per quarter for other costs, such as insurance and property taxes Print Done d. ounces of wood per adult bat. The cost of wood is $0.40 per ounce. Raw Materials Inventory on December 31, 2018, consists of 23,000 ounces of e. wood at $0.40 per ounce. Desired ending Raw Materials Inventory is 23,000 ounces (indirect materials are f. insignificant and not considered for budgeting purposes). Each bat requires 0.5 hours of direct labor; direct labor costs average $10 per g. hour. h. Variable manufacturing overhead is $0.90 per bat. Fixed manufacturing overhead includes $700 per quarter in depreciation and i. $13,870 per quarter for other costs, such as insurance and property taxes. Fixed selling and administrative expenses include $13,000 per quarter for salaries; $1,500 per quarter for rent; $1,200 per quarter for insurance; and $250 j. per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 2% of sales. Data table Mata Batting Company Balance Sheet December 31, 2018 Assets Current Assets: $ 15,000 Cash 15,500 Accounts Receivable 9.200 Raw Materials Inventory 18,150 Finished Goods Inventory $ 57,850 Total Current Assets Property, Plant, and Equipment: Data table Equipment 110,000 (10,000) Less: Accumulated Depreciation 100,000 Total Assets $ 157,850 Liabilities Current Liabilities: Accounts Payable $ 16,500 Stockholders' Equity Common Stock, no par $ 130,000 11,350 Retained Earnings Total Stockholders' Equity 141,350 Total Liabilities and Stockholders' Equity $ 157,850 Requirements 1. Prepare Mata's sales budget for the first quarter of 2019. 2. Prepare Mata's production budget for the first quarter of 2019. 3. Prepare Mata'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 Mata's cost of goods sold budget for the first quarter of 2019. 5. Prepare Mata's selling and administrative expense budget for the first quarter of 2019 Print Done