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 $55; the adult bat sells for $75. 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, 2018, and other date for the first quarter of 2019 i Data Table . X i More Info Vang Batting Company a. Budgeted sales are 1.500 youth bats and 2,800 adult bats. Balance Sheet Finished Goods Inventory on December 31, 2018, consists of 550 youth bats at $13 December 31, 2018 b. each and 850 adult bats at $10 each. Assets Desired ending Finished Goods Inventory is 250 youth bats and 460 adult bats; C. FIFO inventory costing method is used. Current Assets: Direct materials requirements are 48 ounces of wood per youth bat and 80 ounces of Cash 10,000 d. wood per adult bat. The cost of wood is $0.40 per ounce. Raw Materials Inventory on December 31, 2018, consists of 25,000 ounces of wood Accounts Receivable 25,400 e. at $0.40 per ounce. Raw Materials Inventory 10,000 Desired ending Raw Materials Inventory is 25,000 ounces (indirect materials are 15,650 f. insignificant and not considered for budgeting purposes). Finished Goods Inventory g. Each bat requires 0.1 hours of direct labor; direct labor costs average $10 per hour. Total Current Assets 61,050 h. Variable manufacturing overhead is $0.80 per bat. Property, Plant, and Equipment: Fixed manufacturing overhead includes $500 per quarter in depreciation and $242 Equipment 115,000 i. per quarter for other costs, such as insurance and property taxes. Fixed selling and administrative expenses include $11,000 per quarter for salaries; Less: Accumulated Depreciation (70,000) 45,000 $2,000 per quarter for rent; $1,300 per quarter for insurance; and $300 per quarter 106,050 for depreciation. Total Assets k. Variable selling and administrative expenses include supplies at 3% of sales. Liabilities Current Liabilities: Print Done Accounts Payable 10,500 Stockholders' Equity 1. Prepare Vang's sales budget for the first quarter of 2019. Common Stock, no par 60,000 2. Prepare Vang's production budget for the first quarter of 2019. 35,550 3. Prepare Vang's direct materials budget, direct labor budget, and Retained Earnings manufacturing overhead budget for the first quarter of 2019. Round the Total Stockholders Equity 95.550 predetermined overhead allocation rate to two decimal places. The overhead wer allocation base is direct labor hours. 106.050 Total Liabilities and Stockholders' Equity 4. Prepare Vang's cost of goods sold budget for the first quarter of 2019. PrRequirement 1. Prepare Vang's sales budget for the first quarter of 2019. Vang Batting Company Sales Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Bats Total Budgeted bats to be sold 1,500 2,900 4,400 56 Sales price per unit $ 75 82,500 $ 217,500 S 300,000 Total sales Requirement 2. Prepare Vang's production budget for the first quarter of 2010. Vang Batting Company Production Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Bats Total Budgeted bats to be sold 1,500 2,900 4,400 Plus: Desired bats in ending inventory 250 480 710 Total bats needed 1,750 3,360 5,110 Less: Bats in beginning inventory 550 850 1,400 1,200 Budgeted bats to be produced 2,510 3,710Requirement 3. Prepare Vang's direct materials budget, direct labor budget, and manufacturing overhead budget for the first quarter of 2010. 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 Vang Batting Company Direct Materials Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Bats Total Budgeted bats to be produced 1,200 2,510 3,710 Direct materials per bat (ounces) 46 80 Direct materials needed for production 56,200 150,600 205,800 Plus: Desired direct materials in ending inventory (ounces) 25,000 Total direct materials needed 230,800 Less: Direct materials in beginning inventory (ounces) 25,000 Budgeted purchases of direct materials 205,800 0.40 Direct materials cost per ounce 82.320 Budgeted cost of direct materials Prepare the direct labor budget (Enter any hours per unit amounts to two decimal places, XXX.)Prepare the direct labor budget (Enter any hours per unit amounts to two decimal places, XXX.) Review the production budget you prepared above. Vang Batting Company Direct Labor Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Bats Total Budgeted bats to be produced 1,200 2.510 3,710 Direct labor hours per unit 0.10 0.10 0.10 Direct labor hours needed for production 120 251 371 Direct labor cost per hour 10 10 10 1,200 $ 2,510 $ 3,710 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.Review the production budget you prepared above Review the direct labor budget you prepared above. Vang Tire Company Manufacturing Overhead Budget For the Quarter Ended March 31, 2019 Youth Adult Bats Bats Total Budgeted bats to be produced 1,200 2,510 3,710 VOH cost per bat S 0.80 $ 0.80 0.80 Budgeted VOH 980 S 2,008 2,968 Budgeted FOH Depreciation 500 242 Insurance and property taxes Total budgeted FOH 742 3,710 Budgeted manufacturing overhead costs Direct labor hours 120 251 371 Budgeted manufacturing overhead costs 3,710 10.00 Predetermined overhead allocation rateRequirement 4. Prepare Vang'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 Direct labor cost per bat Manufacturing overhead cost per bat 1.00 1.00 Direct materials cost per bat 20.40 26.00 Total projected manufacturing cost per bat for 2019