The Puckett Batting Company manufactures wood baseball bats. Puckett'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. Puckett sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $50; the aduit bat sells for $50. Puckett's highest sales volume is in the first three months of the year as retallers prepare for the spring baseball season. Pucketts balance sheet for December 31, 2016, follows (Cck the icon to view the balance sheet.) Requirements Data Table Other data for Puckett Bating Company for the first quarter of 2017 (Click the icon to view the other data.) Read the requirements 1. Prepare Pucket's sales budget for the first quarter of 2017 2. Prepare Puckett's production budget for the first quarter of 2017 3. Prepare Pucket's direct materials budget, direct labor budget, and Puckett Batting Company Balance Sheet December 31, 2016 Assets Requirement 1. Prepare Puckett's sales budget for the first quarter of 201 Puckett Batting Company Sales Budget For the Quarter Ended March 31, 2017 Youth Bats manufacturing overhead budget for the first quarter of 2017 Round the predetermined overhead allocation rate to two decimal places. The overhead allocation base is direct labor hours . Prepare Puckett's cost of goods sold budget for the first quarter of 2017 5. Prepare Pucket's selling and administrative expense budget for the first Current Assets Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets S 32,000 17,900 8,000 17,520 quater of 2017 Adult Bats Total Print Done Budgeted bats to be sold Sales price per unit Total sales S 75,420 Property, Plant, and Equipment Equipment 145,000 Less: Accumulated Depreciation (30,000) 15,000 S 190,420 Total Assets Enter any number in the edit fields and then click Check Answer Liabilities Current Liabilities Clear All The Puckett Batting Company manufactures wood baseball bats. Puckett'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. Puckett sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $50; the aduit bat sells for $50. Puckett's highest sales volume is in the first three months of the year as retallers prepare for the spring baseball season. Pucketts balance sheet for December 31, 2016, follows (Cck the icon to view the balance sheet.) Other data for Puckett Batting Company tor the first quarter ot 2017:More Info Other data for Puckett Bating Company for the first quarter of 2017 Data Table (Click the icon to view the other data.) Read the requirements Budgeted sales are 1,400 youth bats and 2,700 adult bats. Finished Goods Inventory on December 31 consists of 200 youth bats at $12 each and 840 adult bats at $18 each. Desired ending Finished Goods Inventory is 200 youth bats and 460 adult bats, FIFO inventory costing method is used Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets 17,900 8,000 17,520 a. b. Requirement 1. Prepare Puckett's sales budget for the first quarter of 201 Puckett Batting Company Sales Budget For the Quarter Ended March 31, 2017 Youth Bats c. S 75.420 d. Direct matenals cost is $5 per youth bat and S7 per adult bat Property, Plant, and Equipment e. Desired ending Raw Materials Inventory is $8,000 (indirect materials are f. g. Variable manufacturing overhead is $0.80 per bat insignificant and not considered for budgeting purposes) Each bat requires 0.6 hours of direct labor, direct labor costs average $12 per Equipment 145,000 Adult Bats Less: Accumulated Depreciation (30 115,000 S 190,420 Total Assets h. Budgeted bats to be sold Sales price per unit Total sales Fxed manufacturing overhead indludes $1,400 per quarter in depreciation and $11,248 per quarter for other costs, such as insurance and property taxes. Fxed selling and administrative expenses include $6,000 per quarter for salaries, 5,500 per quarter for rent $1,200 per quarter for insurance, and $400 per quarter for depreciation. Variable selling and administrative expenses nclude supplies at 3% of sales Liabilities i. Current Liabilities Accounts Payable S 14,500 J. Stockholders' Equity Common Stock, no par $ 70,000 105,920 Print Done Retained Eamings Enter any number in the edit fields and then click Check Answer 175,920 Total Stockholders' Equity S 190,420 Clear All Total Liabilities and Stockholders' Equity