The Vinson Batting Company manufactures wood baseball bats. Vinson'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. Vinson sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $50; the adult bat sells for $85. Vinson's highest sales volume is in the first three months of the year as retailers prepare for the spring baseball season. Vinson's balance sheet for December 31, 2018, and other data for the first quarter of 2019 follow: B Click the icon to view the balance sheet.) (Click the icon to view the other data.) Read the requirements Requirement 1. Prepare Vinson's sales budget for the first quarter of 2019. Vinson 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 Requirement 2. Prepare Mata's production budget for the first quarter of 2019. Mata 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 Mata'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. Mata Batting Company Direct Materials Budget For the Quarter Ended March 31, 2019 Youth Bats Adult 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, XXX.) Review the production budget you prepared above. Mata 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 vou prepared above Mata 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 Mata'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. Mata 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 Mata's selling and administrative expense budget for the first quarter of 2019. Review the sales budget you prepared above. Mata Batting Company Selling and Administrative Expense Budget For the Quarter Ended March 31, 2019 Total budgeted selling and administrative expense - X Requirements More Info Data Table -X 1. Prepare Vinson's sales budget for the first quarter of 2019. 2. Prepare Vinson's production budget for the first quarter of 2019. 3. Prepare Vinson'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. 4. Prepare Vinson's cost of goods sold budget for the first quarter of 2019. 5. Prepare Vinson's selling and administrative expense budget for the first quarter of 2019 14.000 a. Budgeted sales are 1,700 youth bats and 3,600 adult bats. Finished Goods Inventory on December 31, 2018, consists of 550 youth bats at $18 b. each and 850 adult bats at $12 each. Desired ending Finished Goods Inventory is 200 youth bats and 240 adult bats; C. FIFO inventory costing method is used. Direct materials requirements are 46 ounces of wood per youth bat and 60 ounces of d. wood per adult bat. The cost of wood is $0.15 per ounce. Raw Materials Inventory on December 31, 2018, consists of 25,000 ounces of wood e. at $0.15 per ounce. Desired ending Raw Materials Inventory is 25,000 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 $26 per hour. h. Variable manufacturing overhead is $0.70 per bat. Fixed manufacturing overhead includes $400 per quarter in depreciation and i. $11,752 per quarter for other costs, such as insurance and property taxes. Fixed selling and administrative expenses include $13,000 per quarter for salaries; $4,000 per quarter for rent; $1,300 per quarter for insurance, and $250 per quarter j. for depreciation. k. Variable selling and administrative expenses include supplies at 3% of sales. Vinson Batting Company Balance Sheet December 31, 2018 Assets Current Assets: Cash $ Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment 25,400 3,750 20.100 Print Done 63,250 115,000 (10,000) 105,000 168,250 Print Done Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par $ Retained Earnings Total Stockholders' Equity $ 12,500 100,000 55,750 155,750 168,250 $ Total Liabilities and Stockholders' Equity Print Done