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 $35, the adult bat sells for $65. Pucket's highest sales volume is in the first three months of the year as retailers prepare for the spring baseball season. Puckett's balance sheet for December 31, 2018, and other data for the first quarter of 2019 follow EFR (Click the icon to view the balance sheet.) (Click the icon to view the other data) Read the requirements Requirement 1. Prepare Puckett's sales budget for the first quarter of 2019 Puckett Batting Company Sales Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Budgeted bats to be sold Sales price per unit Total sales sel Assets Current Assets: Cash Accounts Receivable Raw Materials Inventory 20,000 20,300 12,600 12,300 65,200 Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation 140,000 (60,000) 80,000 145,200 Total Assets Liabilities Current Liabilities Accounts Payable $ 12.500 Total Current Assets 65,200 Property, Plant, and Equipment: Equipment 140,000 (60,000) Less: Accumulated Depreciation 80,000 $ 145,200 $ 12,500 Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 60,000 72,700 132,700 $ 145,200 Puckett Batting Company Production Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Bats Total Plus: Total bats needed Less: Budgeted bats to be produced Requirement 3. Prepare Puckett's dired 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. Begin by preparing the direct materials budget. Puckett Batting Company Direct Materials Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Bats Total Direct materials per bat (ounces) Direct materials needed for production 91 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 Read the requirements. Puckett Batting Company Direct Labor Budget For the Quarter Ended March 31, 2019 Youth Bats Bats Adult Total Direct labor hours needed for production Budgeted direct labor cost Choose from any list or enter any number in the input fields and then continue to the next question Read the requirements. Puckett 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 Read the requirements. Duugereu vor 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 Puckett's cost of goods sold budget for 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 Requirement 5. Prepare Puckett's selling and administrative expense budget for the first quarter of 2019. Review the sales budget you prepared above. Puckett Batting Company Selling and Administrative Expense Budget For the Quarter Ended March 31, 2019 DI Total budgeted selling and administrative expense i More Info yn an It's oth eb uckel kett arte a. Budgeted sales are 1,800 youth bats and 2,800 adult bats. b. Finished Goods Inventory on December 31, 2018, consists of 250 youth bats at $15 each and 450 adult bats at $19 each. c. Desired ending Finished Goods Inventory is 400 youth bats and 320 adult bats, FIFO inventory costing method is used. d. Direct materials requirements are 50 ounces of wood per youth bat and 54 ounces of wood per adult bat. The cost of wood is $0.45 per ounce. e. Raw Materials Inventory on December 31, 2018, consists of 28,000 ounces of wood at $0.45 per ounce. f. Desired ending Raw Materials Inventory is 28,000 ounces (indirect materials are insignificant and not considered for budgeting purposes). g. Each bat requires 0.3 hours of direct labor, direct labor costs average $32 per hour. h. Variable manufacturing overhead is $0.80 per bat. i. Fixed manufacturing overhead includes $1,000 per quarter in depreciation and $3,620 per quarter for other costs, such as insurance and property taxes. j. Fixed selling and administrative expenses include $5,000 per quarter for salaries; $3,000 per quarter for rent: $1,800 per quarter for insurance, and $350 per quarter for depreciation Surko FIPU veriy Cusumy new 13 5eu. d. Direct materials requirements are 50 ounces of wood per youth bat and 54 ounces of wood per adult bat. The cost of wood is $0.45 per ounce. e. Raw Materials Inventory on December 31, 2018, consists of 28,000 ounces of wood at $0.45 per ounce. f. Desired ending Raw Materials Inventory is 28,000 ounces (indirect materials are insignificant and not considered for budgeting purposes). g. Each bat requires 0.3 hours of direct labor, direct labor costs average $32 per hour. h. Variable manufacturing overhead is $0.80 per bat. i. Fixed manufacturing overhead includes $1,000 per quarter in depreciation and $3,620 per quarter for other costs, such as insurance and property taxes. j. Fixed selling and administrative expenses include $5,000 per quarter for salaries; $3,000 per quarter for rent; $1,800 per quarter for insurance, and $350 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 1% of sales