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 $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 souson 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) Read the requirements 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 115,000 (30,000) Less: Accumulated Depreciation 85,000 $ 146,420 Total Assets 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 Sales price per unit Total sales 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 Plus: Total bats needed Less Budgeted bats to be produced 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 Direct matenals per bal (ounces) Direct materials needed for production Plus Total direct materials needed Less 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, X.XX.) 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 Direct labor hours needed for production Budgeted direct labor cost Prepare the manufacturing overhead budget (Enter any per unit amounts to two decimal places, XXX 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 Vinson Batting Company Manufacturing Overhead Budget For the Quarter Ended March 31, 2025 Youth Adult Bats Total Bats VOH cost per bal Budgeted VOH Budgeted FOH Depreciation 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 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 cont) 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 production budget you prepared above. Vinson Batting Company Cost of Goods Sold Budget 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 Requirement 5. Prepare Vinson's selling and administrative expense budget for the first quarter of 2025. Review the sales budget you prepared above. Vinson Batting Company Selling and Administrative Expense Budget For the Quarter Ended March 31, 2025 Total budgeted selling and administrative expense