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 $60; the adult bat sells for $80. 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: (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 Vinson Batting Company Balance Sheet December 31, 2018 Assets Current Assets: Cash $ 15,000 Accounts Receivable 22,800 Raw Materials Inventory 8,800 13,000 Finished Goods Inventory Total Current Assets $ 59,600 Property, Plant, and Equipment: Equipment 165,000 (25,000) 140,000 Less: Accumulated Depreciation $ 199,600 Total Assets Liabilities Current Liabilities: Accounts Payable $ 12,500 Stockholders' Equity $ Common Stock, no par 150,000 37,100 Retained Earnings Total Stockholders' Equity 187,100 $ 199,600 Total Liabilities and Stockholders' Equity More info Sud Sal ot a. Budgeted sales are 1,500 youth bats and 3,600 adult bats. Finished Goods Inventory on December 31, 2018, consists of 400 youth bats at $13 b. each and 520 adult bats at $15 each. Desired ending Finished Goods Inventory is 550 youth bats and 350 adult bats, c. FIFO inventory costing method is used. Direct materials requirements are 46 ounces of wood per youth bat and 62 ounces d. of wood per adult bat. The cost of wood is $0.40 per ounce. Raw Materials Inventory on December 31, 2018, consists of 22,000 ounces of wood e. at $0.40 per ounce. Desired ending Raw Materials Inventory is, 32,000 ounces (indirect materials are f. insignificant and not considered for budgeting purposes). g. Each bat requires 0.6 hours of direct labor; direct labor costs average $30 per hour. h. Variable manufacturing overhead is $0.40 per bat. Fixed manufacturing overhead includes $900 per quarter in depreciation and $3,164 i. per quarter for other costs, such as insurance and property taxes. Fixed selling and administrative expenses include $13,000 per quarter for salaries; $3,500 per quarter for rent; $1,700 per quarter for insurance; and $400 per quarter j. for depreciation. k. Variable selling and administrative expenses include supplies at 3% of sales. Print Done Requirements 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 overhea 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. Print Done