The Sharpe Balling Company manufactures wood baseball Sharpe's two primary products are a youth bat, designed for children and young teens, and an adult but dowgred for high school and college-aped players Sharpe sels the bats to sporting Goods vores and all sales are on account. The youth bataills for 560, the dut bat sols for $45. Sharpe's highest le volume is in the first months of the year as the prepare for the spring baseball season Sharpe's balance sheet for December 31, 2018, and other data for the first quarter of 2010 follow Click the icon to view the other data) Read the recements Requirement 1. Prepare Sharpe's a budget for the first quarter of 2010 Share Betting Company Sales Budget For the Quarter Ended March 11.2019 Youn Adult Bals Bars Total Sharpe Baming Company Production For the Quranded March 1, 2011 Youth Au Choose from wory number is input folds and then continue to the west MacBook Pro Data Table pe's ells fo rtero he ico designer he year & Sharpe Batting Company Balance Sheet of 2019 December 31, 2018 Assets Current Assets: Cash $ 22,000 15,500 13,500 16,000 tal Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation $ 67,000 165,000 (35,000) quarter of 130,000 Total Assets 197,000 Liabilities Current Liabilities: Accounts Payable Adult 12.800 and then Print Done 5 of 6 (1 complete) * Data Table - X s fo -O co Cash Accounts Receivable 22,000 15,500 13,500 16,000 019 Raw Materials Inventory Finished Goods Inventory Total Current Assets 67,000 Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation 165,000 (35,000) 130,000 Total Assets $ 197,000 Liabilities Current Liabilities: I $ 12,800 rter of Accounts Payable Stockholders' Equity Common Stock, no par $ Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 60,000 124,200 184,200 dult $ 197,000 Bats d then Print Done arimapuroducts are mouth bat desianad for children and young teens and an adult bat i More Info a. Budgeted sales are 1,900 youth bats and 3,500 adult bats. b. Finished Goods Inventory on December 31, 2018, consists of 350 youth bats at $20 each and 450 adult bats at $20 each. c. Desired ending Finished Goods Inventory is 220 youth bats and 500 adult bats; FIFO inventory costing method is used. d. Direct materials requirements are 44 ounces of wood per youth bat and 62 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 30,000 ounces of wood at $0.45 per ounce. f. Desired ending Raw Materials Inventory is 30,000 ounces (indirect materials are insignificant and not considered for budgeting purposes). g. Each bat requires 0.4 hours of direct labor; direct labor costs average $10 per hour. h. Variable manufacturing overhead is $0.70 per bat. Fixed manufacturing overhead includes $500 per quarter in depreciation and $19,184 per quarter for other costs, such as insurance and property taxes. j. Fixed selling and administrative expenses include $13,000 per quarter for salaries: $3,000 per quarter for rent: $1,700 per quarter for insurance; and $100 per quarter for depreciation k. Variable selling and administrative expenses include supplies at 1% of sales. i. er of ult ats Print Done I then continue to the next question. MacBook Pro ance 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) ad the moments aquirement 3. Prepare Sharpe's direct materials budget, direct labor budget, and manufacturing overhead budget for the first quarter of 2019. Round the predetermined overhead location rate to two decimal places. The overhead allocation se is direct labor hours egin by preparing the direct materials budget. Sharpe Balting Company Direct Materials Budget For the Quarter Ended March 31, 2010 Youth Adult Bats Total Direct materials per a louces) Direct material needed for production Plus Total direct material need Les Budgeted purchases of direct mat Direct mattis costerone Choose from any list or enter any number in the input fields and then continue to the next gestion CICR e com o now the other data) Read the requirements Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, X.XX.) Review the production budget you prepared above. Q Sharpe 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 = fxed manut Review the production budget you prepared above Review the direct labor budget you prepared above. Choose from any list or enter any number in the input fields and then continue to the next question organy ma Mes wood baseball bats. Sharpe'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 to sporting goods stores and all sales are on account. The youth bat sols for $60, the adult bat sels for $65. Sharpe's highest sales volume is in the first three months of the year as retailers prepare for the spring be balance sheet for December 31, 2018, and other data for the first quarter of 2019 follow mm Click the icon to view the balance sheet.) Click the icon to view the other data.) Read the requirements Prepare the manufacturing overhead budget. (Enter any per unit amounts to two decimal places, XXX. 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. Sharpe Tire Company Manufacturing Overhead Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Bats Total VOH cost per bal Budgeted VOH Budged FOH Depreciation Insurance and property taxes Total budgeted FOH Choose from any ist or enter any number in the input fields and then continue to the next question. Click the icon to view the other data) Click the icon to view the balance sheet.) Read the requirements 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 Sharpe'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 cont.) Youth Bats Adult Bats Total projected manufacturing cost per bat for 2010 Choose from any list or enter any number in the input fields and then continue to the next question Read the requirements Requirement 4. Prepare Sharpe'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. Review the sales budget you prepared above. Review the production budget you prepared above. Sharpe Batting Company Cost of Goods Sold Budget For the Quarter Ended March 31, 2019 Youth Bats Adult Bats Total Choose from any list or enter any number in the input fields and then continue to the next question Sharpe's two primary products are a youth bat, designed for children and young teens, and an adult bat, designed for high se lores and all sales are on account. The youth bat sells for $60, the adult bat sells for $65. Sharpe's highest sales volume is in the first three months of the year as retailers balance sheet for December 31, 2018, and other data for the first quarter of 2019 follow: m Click the icon to view the balance sheet.) Click the icon to view the other data.) Read the requirements Sharpe atting 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 Sharpe's selling and administrative expense budget for the first quarter of 2019 Review the sales budget you prepared above Sharpe Batting Company Selling and Administrative Expense Budget For the Quarter Ended March 31, 2019 Choose from any list or enter any number in the input fields and then continue to the next question, Total Bats produced and sold in 1st quarter of 2019 Total budgeted cost of goods sold Requirement 5. Prepare Sharpe's selling and administrative expense budget for the first quarter of 2019. Review the sales budget you prepared above. Sharpe Batting Company Selling and Administrative Expense Budget For the Quarter Ended March 31, 2019 Total budgeted selling and administrative expense Choose from any list or enter any number in the input fields and then continue to the next