The Sharpe Batting Company manufactures wood baseball bats. Sharpe's two primary products are a youth bat, designed for children and young teens, and an aduit bat, designed for high school and college-aged players. Sharpe sells the bats to sporting goods stores and all sales are on account. The youth bat sells for 560 the adult bat sells for $70. Sharpe's highest sales volume is in the first three months of the year as retailers prepare for the spring baseball season Sharpe's balance sheet for December 31, 2024, and other data for the first quarter of 2025 follow Click the icon to view the balance sheet) (Click the icon to view the other data.) Read the cosurements Requirement 1. Propare Sharpe's sales budget for the first quarter of 2025. Sharpe Batting Company Sales Budget For the Quarter Ended March 31, 2025 Youth Adult Bats Bats Total ules Budgeted bats to be sold Sales pnce per unit Is Total sales Requirement 2. Prepare Sharpe's production budget for the first quarter of 2025, Sharpe Batting Company Production Budget For the Quarter Ended March 31, 2025 Youth Adult Bats Bats Total Plus Total bats needed Requirement 3. Pre Sharpes rect materiais budget, direct laby baie and mandecting Overhead teele lor the first pane 2005 Hound to prodiel vertad Wonton rate 10 we decides Tenuta Wabonis directions Beginning the direct matt Sharp Batting Company Direct Maria de For the Quarter Ended March 31, 2025 Youth Bate Total ni Remerits Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, X.XX.) Review the production budget you prepared above. Sharpe Batting Company Direct Labor Budget For the Quarter Ended March 31, 2025 Youth Adult Bats Bats Total Distan Prepare the manufacturing overhead budget. (Enter any per unit amounts to two decimal places, XXX. Abbreviations used: VOH = variable manufacturing Review the production budget you prepared above Review the direct labor budget you prepared above. Sharpe Batting Company Manufacturing Overhead Budget For the Quarter Ended March 31, 2025 Youth Adult Bats Bats Total VOH cost per bal GTE Predetermined overhead allocation rate Requirement 4. Prepare Sharpe's cost of goods sold budget for the first quarter of 2025 Before preparing the cost of goods sold budget calculate the projected manufacturing cost per but for 2025. (Round amounts to the nearest cont) Youth Bats Adult Bats Total proyected manufacturing cost per hat for 2025 Now or the cost of oods sold budoet 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, 2025 Youth Bats Adult Bats Total Bats produced and sold in Ist quarter of 2025 Requirement 5. Prepare Sharpe's selling and administrative expense budget for the first quarter of 2025 Review the sales budget you prepared above. Sharpe Butting Company Selling and Administrative Expense Budget For the Quarter Ended March 31, 2025 M Sharpe Dating Company Balance Sheet December 31, 2024 Assets Current Assets: Cash $ 40,000 Accounts Receivable 20,300 Raw Materials Inventory 6,300 12,450 Finished Goods Inventory 79,050 Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation 145,000 (20,000) 125,000 Total Assets $ 204,050 Liabilities Current Liabilities: 5 11,600 Accounts Payable Stockholders' Equity Common Stock, no par $ Retained Earnings Total Stockholders' Equity 80.000 112,450 192.450 Total Liabilities and Stockholders' Equity 5 204,050 queue ore info a. Budgeted sales are 1,700 youth bats and 3,400 adult bats. b. Finished Goods Inventory on December 31, 2024, consists of 350 youth bats at $12 each and 750 adult bats at $11 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 40 ounces of wood per youth bat and 58 ounces of wood per adult bat. The cost of wood is $0.30 per ounce. e. Raw Materials Inventory on December 31, 2024, consists of 21,000 ounces of wood at $0.30 per ounce. f. Desired ending Raw Materials Inventory is 21,000 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 $32 per hour. h. Variable manufacturing overhead is $0.80 per bat. i. Fixed manufacturing overhead includes $1,100 per quarter in depreciation and $2,692 per quarter for other costs, such as insurance and property taxes. j. Fixed selling and administrative expenses include $14.000 per quarter for salaries, $1,500 per quarter for rent: $1,600 per quarter for insurance, and $450 per quarter Print Done each and 750 adult bats at $11 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 40 ounces of wood per youth bat and 58 ounces of wood per adult bat. The cost of wood is $0.30 per ounce. e. Raw Materials Inventory on December 31, 2024, consists of 21,000 ounces of wood at $0.30 per ounce. f. Desired ending Raw Materials Inventory is 21,000 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 $32 per hour. h. Variable manufacturing overhead is $0.80 per bat. i. Fixed manufacturing overhead includes $1,100 per quarter in depreciation and $2,692 per quarter for other costs, such as insurance and property taxes. j. Fixed selling and administrative expenses include $14.000 per quarter for salaries; $1,500 per quarter for rent; $1,600 per quarter for insurance; and $450 per quarter for depreciation k. Variable selling and administrative expenses include supplies at 1% of sales. C Print Done