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 $60; the adult bat sells for $65. Puckett'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. (Click the icon to view the balance sheet.) (Click the icon to view the other data.) Read the requirements. i Requirements - X 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 1. Prepare Puckett's sales budget for the first quarter of 2019. 2. Prepare Puckett's production budget for the first quarter of 2019 3. Prepare Puckett'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 Puckett's cost of goods sold budget for the first quarter of 2019. 5. Prepare Puckett's selling and administrative expense budget for the first quarter of 2019. Bats Total Budgeted bats to be sold Sales price per unit Total sales Print Done Enter any number in the edit fields and then click Check Answer. 0 Data Table More Info - X Puckett Batting Company Balance Sheet December 31, 2018 Assets Current Assets Cash Accounts Receivable 45,000 20,300 5,200 8,200 a. Budgeted sales are 1,600 youth bats and 2.800 adult bats. b. Finished Goods Inventory on December 31, 2018, consists of 250 youth bats at $12 each and 520 adult bats at $10 each. c. Desired ending Finished Goods Inventory is 220 youth bats and 520 adult bats: FIFO inventory costing method is used. d. Direct materials requirements are 52 ounces of wood per youth bat and 60 ounces of wood per adult bat. The cost of wood is $0.20 per ounce. e. Raw Materials Inventory on December 31, 2018, consists of 26,000 ounces of wood at $0.20 per ounce. f. Desired ending Raw Materials Inventory is 26,000 ounces (indirect materials are insignificant and not considered for budgeting purposes). g. Each bat requires 0.1 hours of direct labor, direct labor costs average $25 per hour. h. Variable manufacturing overhead is $0.90 per bat. i. Fixed manufacturing overhead includes $600 per quarter in depreciation and $274 per quarter for other costs, such as insurance and property taxes. j. Fixed selling and administrative expenses include $12,000 per quarter for salaries: $3,500 per quarter for rent: $1,200 per quarter for insurance; and $150 per quarter for depreciation. Raw Materials Inventory 78,700 Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation 165,000 (65,000) 100,000 Print Done Print Done - Data Table 1 X * More Info $ 78,700 Total Current Assets Property, Plant, and Equipment: Equipment 165,000 (65,000) Less: Accumulated Depreciation 100,000 $ 178,700 Total Assets Liabilities a. Budgeted sales are 1,600 youth bats and 2,800 adult bats. b. Finished Goods Inventory on December 31, 2018, consists of 250 youth bats at $12 each and 520 adult bats at $10 each. c. Desired ending Finished Goods Inventory is 220 youth bats and 520 adult bats; FIFO inventory costing method is used. d. Direct materials requirements are 52 ounces of wood per youth bat and 60 ounces of wood per adult bat. The cost of wood is $0.20 per ounce. e. Raw Materials Inventory on December 31, 2018, consists of 26,000 ounces of wood at $0.20 per ounce. f. Desired ending Raw Materials Inventory is 26,000 ounces (indirect materials are insignificant and not considered for budgeting purposes). g. Each bat requires 0.1 hours of direct labor, direct labor costs average $25 per hour. h. Variable manufacturing overhead is $0.90 per bat. i. Fixed manufacturing overhead includes $600 per quarter in depreciation and $274 per quarter for other costs, such as insurance and property taxes. j. Fixed selling and administrative expenses include $12,000 per quarter for salaries; $3,500 per quarter for rent; $1,200 per quarter for insurance; and $150 per quarter for depreciation. $ Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par $ Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 12,500 70,000 96,200 166,200 $ 178,700 Print Done Print Done 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 $60; the adult bat sells for $65. Puckett'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. (Click the icon to view the balance sheet.) (Click the icon to view the other data.) Read the requirements. i Requirements - X 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 1. Prepare Puckett's sales budget for the first quarter of 2019. 2. Prepare Puckett's production budget for the first quarter of 2019 3. Prepare Puckett'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 Puckett's cost of goods sold budget for the first quarter of 2019. 5. Prepare Puckett's selling and administrative expense budget for the first quarter of 2019. Bats Total Budgeted bats to be sold Sales price per unit Total sales Print Done Enter any number in the edit fields and then click Check Answer. 0 Data Table More Info - X Puckett Batting Company Balance Sheet December 31, 2018 Assets Current Assets Cash Accounts Receivable 45,000 20,300 5,200 8,200 a. Budgeted sales are 1,600 youth bats and 2.800 adult bats. b. Finished Goods Inventory on December 31, 2018, consists of 250 youth bats at $12 each and 520 adult bats at $10 each. c. Desired ending Finished Goods Inventory is 220 youth bats and 520 adult bats: FIFO inventory costing method is used. d. Direct materials requirements are 52 ounces of wood per youth bat and 60 ounces of wood per adult bat. The cost of wood is $0.20 per ounce. e. Raw Materials Inventory on December 31, 2018, consists of 26,000 ounces of wood at $0.20 per ounce. f. Desired ending Raw Materials Inventory is 26,000 ounces (indirect materials are insignificant and not considered for budgeting purposes). g. Each bat requires 0.1 hours of direct labor, direct labor costs average $25 per hour. h. Variable manufacturing overhead is $0.90 per bat. i. Fixed manufacturing overhead includes $600 per quarter in depreciation and $274 per quarter for other costs, such as insurance and property taxes. j. Fixed selling and administrative expenses include $12,000 per quarter for salaries: $3,500 per quarter for rent: $1,200 per quarter for insurance; and $150 per quarter for depreciation. Raw Materials Inventory 78,700 Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation 165,000 (65,000) 100,000 Print Done Print Done - Data Table 1 X * More Info $ 78,700 Total Current Assets Property, Plant, and Equipment: Equipment 165,000 (65,000) Less: Accumulated Depreciation 100,000 $ 178,700 Total Assets Liabilities a. Budgeted sales are 1,600 youth bats and 2,800 adult bats. b. Finished Goods Inventory on December 31, 2018, consists of 250 youth bats at $12 each and 520 adult bats at $10 each. c. Desired ending Finished Goods Inventory is 220 youth bats and 520 adult bats; FIFO inventory costing method is used. d. Direct materials requirements are 52 ounces of wood per youth bat and 60 ounces of wood per adult bat. The cost of wood is $0.20 per ounce. e. Raw Materials Inventory on December 31, 2018, consists of 26,000 ounces of wood at $0.20 per ounce. f. Desired ending Raw Materials Inventory is 26,000 ounces (indirect materials are insignificant and not considered for budgeting purposes). g. Each bat requires 0.1 hours of direct labor, direct labor costs average $25 per hour. h. Variable manufacturing overhead is $0.90 per bat. i. Fixed manufacturing overhead includes $600 per quarter in depreciation and $274 per quarter for other costs, such as insurance and property taxes. j. Fixed selling and administrative expenses include $12,000 per quarter for salaries; $3,500 per quarter for rent; $1,200 per quarter for insurance; and $150 per quarter for depreciation. $ Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par $ Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 12,500 70,000 96,200 166,200 $ 178,700 Print Done Print Done