The Vang Batting Company manufactures wood baseball bats. Vang'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. Vang sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $30, the adult bat sells for $80. Vang's highest sales volume is in the first three months of the year as retailers prepare for the spring baseball season. Vang's balance sheet for December 31, 2024, and other data for the first quarter of 2025 follow: Click the loon to view the balance sheet.) Read the requirements. (Click the loon to view the other data.) Requirement 1. Prepare Vang's sales budget for the first quarter of 2025. Vang Batting Company Sales Budget For the Quarter Ended March 31, 2025 Youth Adult Bats Bats Total Budgeted bats to be sold Sales price per unit Total sales Current Assets Cash Vang Batting Company Balance Sheet December 31, 2024 Accounts Receivable Raw Materials Inventory Finished Goods Inventory Assets Total Current Assets Property, Plant, and Equipment Equipment Less Accumulated Depreciation $ 14,000 18.500 12,600 18,250 $ 63,350 135,000 (40,000) 05,000 158,350 Total Assets Liabilities Current Liabilites Accounts Payable 11,000 Stockholders' Equity More info a. Budgeted sales are 2,000 youth bats and 3,100 adult bats b. Finished Goods Inventory on December 31, 2024, consists of 650 youth bats at $15 each and 850 adult bats at $10 each e. Desired ending Finished Goods Inventory is 250 youth bats and 550 adult bats: FIFO inventory costing method is used d. Direct materials requirements are 40 ounces of wood per youth bat and 64 ounces of wood per adult bat. The cost of wood is $0.45 per ounce e. Raw Materials Inventory on December 31, 2024, consists of 28,000 ounces of wood i 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). Each bal requires 0.4 hours of direct labor; direct labor costs average $24 per hour h. Variable manufacturing overhead is $0.90 per bat Fixed manufacturing overhead includes $800 per quarter in depreciation and $620 per quarter for other costs, such as insurance and property taxes Faed seling and administrative expenses include $10,000 per quarter for salaries $5.500 per quarter for rent: $1.600 per quarter for insurance; and $450 per quarter for depreciation k Variable saling and administrative expenses include supplies at 3% of sales Dona Requirements SO 1. Prepare Vang's sales budget for the first quarter of 2025. 2. Prepare Vang's production budget for the first quarter of 2025. 3. Prepare Vang's direct materials budget, direct labor budget, and manufacturing overhead budget for the first quarter of 2025. Round the predetermined overhead allocation rate to two decimal places. The overhead allocation base is direct labor hours. 4. Prepare Vang's cost of goods sold budget for the first quarter of 2025. 5. Prepare Vang's selling and administrative expense budget for the first quarter of 2025. Print Done - X Data table Haney Batting Company Balance Sheet December 31, 2024 Assets Current Assets Cash 22.000 Accounts Receivable 25,400 Raw Materials Inventory 10,150 Finished Goods Inventory 6,900 $ 66,450 Total Current Assets Property, Plant, and Equipment Equipment Less: Accumulated Depreciation Total Assets 160,000 (40,000) 120,000 $ 100,450 More info a. Budgeted sales are 1,800 youth bats and 3,200 adult bats b. Finished Goods Inventory on December 31, 2024, consists of 400 youth bats at $11 each and 450 adult bats at $10 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 44 ounces of wood per youth bat and 54 ounces of wood per adult bat. The cost of wood is $0.35 per ounce. e. Raw Materials Inventory on December 31, 2024, consists of 20,000 ounces of wood at $0.35 per ounce f. Desired ending Raw Materials Inventory is 29.000 ounces (indirect materials are Insignificant and not considered for budgeting purposes) 0. Each bat requires 0.2 hours of direct labor, direct labor costs average $25 per hour. h. Variable manufacturing overhead is $0.50 per bat 1. Fixed manufacturing overhead includes $1,100 per quarter in depreciation and $1,335 per quarter for other costs, such as insurance and property taxes J Fixed selling and administrative expenses include $11,000 per quarter for salaries; $4,500 per quarter for rent; $1,400 per quarter for insurance; and $50 per quarter for depreciation k. Varable seling and administrative expenses include supplies at 4% of sales Liabilities Current Liabilities Accounts Payable S 11,000 Stockholders' Equity Print t Done - X 50 Requirements 1. Prepare Haney's sales budget for the first quarter of 2025. 2. Prepare Haney's production budget for the first quarter of 2025. 3. Prepare Haney's direct materials budget, direct labor budget, and manufacturing overhead budget for the first quarter of 2025. Round the predetermined overhead allocation rate to two decimal places. The overhead allocation base is direct labor hours. 4. Prepare Haney's cost of goods sold budget for the first quarter of 2025. 5. Prepare Haney's selling and administrative expense budget for the first quarter of 2025. The Haney Batting Company manufactures wood baseball bats. Haney'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. Haney sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $60, the adult bat sells for $80. Haney's highest sales volume is in the first three months of the year as retailers prepare for the spring baseball season. Haney'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 requirements Requirement 1. Prepare Haney's sales budget for the first quarter of 2025. Haney Batting Company Sales Budget For the Quarter Ended March 31, 2025 Youth Bats Adult Bats Total Budgeted hats to be sold 1.000 3.200 5,000 Sales price per unit 00 $ BO Total sales $10,000 $250,000 $364,000 Requirement 2. Prepare Haney's production budget for the first quarter of 2025 Haney Batting Company Production Budget For the Quarter Ended March 31, 2025 Budgeted bats to be sold Plus Desired boats in ending inventory Youth Adult Bats Bats Total 1.800 3,200 5,000 400 520 720 The Haney Batting Company manufactures wood baseball bats. Haney's two primary products are a youth bat, designed for children and young teens, and an adult bat, designed for high school an college-aged players. Haney sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $60, the adult bat sells for $80. Haney's highest sales volume is in the first three months of the year as retailers prepare for the spring baseball season. Haney'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 requirements Youth Adult Bats Bats Total Budgeted bats to be sold 1,800 3,200 5,000 Plus Desired bats in ending inventory 400 320 720 Total bats needed 2.200 3.520 5,720 Less: Bats in beginning inventory 400 450 Budgeted bats to be produced 1,800 3,070 850 4,070 Requirement 3. Prepare Haney's direct materials budget, direct labor budget, and manufacturing overhead budget for the first quarter of 2025. 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 Budgeted bats to be sold Direct materials per bal (ounces) A materialen Haney Batting Company Direct Materials Budget For the Quarter Ended March 31, 2025 Youth Adult Bats Bats Total Budgeted bats to be produced Requirement 3. Prepare Haney's direct materials budget, direct labor budget, and manufacturing overhead budget for the first quarter of 2025. 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. Haney Batting Company Direct Materials Budget For the Quarter Ended March 31, 2025 Budgeted bats to be sold Direct materials per bat (ounces) Direct materials needed for production Plus Desired direct materials in ending inventory (ounces) Tutal drect materials needed Less Direct materials in beginning inventory (ounces) Budgeted purchases of direct materials Direct materials cost per ounce Budgeted cost of direct materials Youth Adult Bats Bats Total