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 bal designed for high school and college-aged players Vinson sells the bats to sporting goods stores and all sales are an account. The youth bat sells for $25 the adult bat sells for $70 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, 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) Vinson Batting Company Balance Sheet December 31, 2024 Assets Current Assets: Cash $ 20,000 Accounts Receivable 26,200 Raw Materials Inventory 4,500 10,720 Finished Goods Inventory Total Current Assets $ 61,420 Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation 115,000 (30,000) 85,000 Total Assets $ 146,420 Liabilities Current Liabilities: Accounts Payable $ $ 17,300 Stockholders' Equity Common Stock, no par $ 60,000 69,120 Retained Earnings Total Stockholders' Equity 129,120 $ 146,420 Total Liabilities and Stockholders' Equity a. Budgeted sales are 1,600 youth bats and 3,500 adult bats b. Finished Goods Inventory on December 31, 2024, consists of 250 youth bats at $20 each and 440 adult bats at $13 each. C. Desired ending Finished Goods Inventory is 100 youth bats and 250 adult bats FIFO inventory costing method is used d. Direct materials requirements are 46 ounces of wood per youth bat and 64 ounces of wood per adult bat. The cost of wood is $0 15 per ounce. e. Raw Materials Inventory on December 31, 2024 consists of 30,000 ounces of wood at $0.15 per ounce f. Desired ending Raw Materials Inventory is 30,000 ounces (indirect materials are insignificant and not considered for budgeting purposes) g. Each bat requires 0.2 hours of direct labor, direct labor costs average $12 per hour. h. Variable manufacturing overhead is $0 60 per bat i. Fixed manufacturing overhead includes $500 per quarter in depreciation and $7,116 per quarter for other costs, such as insurance and property taxes j. Fixed selling and administrative expenses include $13,000 per quarter for salaries, $3,500 per quarter for rent; $1,400 per quarter for insurance, and $550 per quarter for depreciation k. Variable selling and administrative expenses include supplies at 5% of sales Requirement 1. Prepare Vinson's sales budget for the first quarter of 2025. Vinson Batting Company Sales Budget For the Quarter Ended March 31, 2025 Youth Adult Bats Bats Total Budgeted bats to be sold 1600 3500 5100 25 70 Sales price per unit 40000 245000 Total sales 285000 Requirement 2. Prepare Vinson's production budget for the first quarter of 2025. Vinson Batting Company Production Budget For the quarter Ended March 31 2025 Requirement 2. Prepare Vinson's production budget for the first quarter of 2025 Vinson Batting Company Production Budget For the Quarter Ended March 31, 2025 Youth Adult Bats Bats Total 1600 100 3500 250 5100 350 Budgeted bats to be sold Plus: Desired bats in ending inventory Total bats needed Less Bats in beginning inventory Budgeted bats to be produced 1700 250 3750 440 5450 690 1450 3310 4760 Requirement 3. Prepare Vinson's direct matenals 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 Vinson Batting Company Direct Materials Budget For the Quarter Ended March 31, 2025 Youth Adult Bats Bats Total 1450 3310 4760 46 64 66700 211840 278540 Budgeted bats to be produced Direct materials per bat (ounces) Direct materials needed for production Plus: Desired direct materials in ending inventory (ounces) Total direct materials needed Less Direct materials in beginning inventory (ounces) Budgeted purchases of direct materials 30000 308540 30000 278540 0.15 Direct materials cost per ounce Budgeted purchases of direct materials Direct materials cost per ounce Budgeted cost of direct materials 278540 0.15 41781 Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, XXX) Review the production budget you prepared above. Vinson Batting Company Direct Labor Budget For the Quarter Ended March 31, 2025 Youth Adult Bats Bats Total 3310 4760 1450 0.2 0.2 Budgeted bats to be produced Direct labor hours per unit Direct labor hours needed for production Direct labor cost per hour 02 290 662 952 12 12 12 Budgeted bats to be produced Direct labor hours per unit 1450 02 3310 0.2 4760 02 662 Direct labor hours needed for production Direct labor cost per hour 290 12 952 12 12 3480 7944 Budgeted direct labor cost 11424 Prepare the manufacturing overhead budget. (Enter any per unit amounts to two decimal places, XXX. Abbreviations used VOH variable manufacturing ove FOH = fixed manufacturing overhead) Review the production budget you prepared above Review the direct labor budget you prepared above Vinson Batting Company Manufacturing Overhead Budget For the Quarter Ended March 31, 2026 Youth Adult Bats Bats Total Vinson Batting Company Manufacturing Overhead Budget For the Quarter Ended March 31, 2025 Youth Adult Bats Bats Total Budgeted bats to be produced 1450 3310 4760 06 0.6 0.6 870 1986 2856 VOH cost per bat Budgeted VOH Budgeted FOH Depreciation 500 Insurance and property taxes 7116 Total budgeted FOH 7616 Budgeted manufacturing overhead costs 10472 290 602 952 Direct labor hours Budgeted manufacturing overhead costs Predetermined overhead allocation rate 10472 11 Requirement 4. Prepare Vinson'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 bat for 2025 (Round all amounts to the nearest cent) Youth Bats Adult Bats Total projected manufacturing cost per bat for 2025 Now prepare the cost of goods sold budget Review the sales budget you prepared above Review the nroduction hudant vou repared above Now prepare the cost of goods sold budget. Review the sales budget you prepared above Review the production budget you prepared above. Vinson Batting Company Cost of Goods Sold Budget For the Quarter Ended March 31, 2025 Youth Adult Bats Bats Total Bats produced and sold in 1st quarter of 2025 Total budgeted cost of goods sold