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 $60. 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. 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 Bats Total Budgeted bats to be sold Sales price per unit Total sales Puckett Batting Company Balance Sheet December 31, 2018 Assets Current Assets: Cash $ 35,000 Accounts Receivable 17,900 Raw Materials Inventory 4,500 15,600 Finished Goods Inventory Total Current Assets $ 73,000 Property, Plant, and Equipment: Equipment 135,000 (35,000) Less: Accumulated Depreciation 100,000 $ 173,000 Total Assets Liabilities Current Liabilities: Accounts Payable $ ta 16,500 Liabilities Current Liabilities: Accounts Payable $ 16,500 Stockholders' Equity Common Stock, no par $ 130,000 26,500 Retained Earnings Total Stockholders' Equity 156,500 $ 173,000 Total Liabilities and Stockholders' Equity a. Budgeted sales are 2,000 youth bats and 2,700 adult bats. Finished Goods Inventory on December 31, 2018, consists of 500 youth bats at $13 b. each and 650 adult bats at $14 each. Desired ending Finished Goods Inventory is 250 youth bats and 320 adult bats; C. FIFO inventory costing method is used. Direct materials requirements are 42 ounces of wood per youth bat and 60 ounces d. of wood per adult bat. The cost of wood is $0.15 per ounce. Raw Materials Inventory on December 31, 2018, consists of 30,000 ounces of wood e. at $0.15 per ounce. Desired ending Raw Materials Inventory is 30,000 ounces (indirect materials are f. insignificant and not considered for budgeting purposes). g. Each bat requires 0.5 hours of direct labor; direct labor costs average $25 per hour. h. Variable manufacturing overhead is $0.40 per bat. Fixed manufacturing overhead includes $700 per quarter in depreciation and i. $18,252 per quarter for other costs, such as insurance and property taxes. Fixed selling and administrative expenses include $7,000 per quarter for salaries; $3,500 per quarter for rent; $1,100 per quarter for insurance; and $450 per quarter j. for depreciation. k. Variable selling and administrative expenses include supplies at 5% of sales. Requirement 2. Prepare Puckett's production budget for the first quarter of 2019. 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 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. 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 Plus: Total direct materials needed Less: Budgeted purchases of direct materials Direct materials cost per ounce Budgeted cost of direct materials Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, X.XX.) Review the production budget you prepared above. Puckett 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 overhead; FOH = fixed manufacturing overhead.) Review the production budget you prepared above. Review the direct labor budget you prepared above. 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 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 Now prepare the cost of goods sold budget. Now prepare the cost of goods sold budget. Review the sales budget you prepared above. Review the production budget you prepared above. Puckett Batting Company 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 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 Total budgeted selling and administrative expense