- X i Requirements -X Data Table Irwin Batting Company Balance Sheet December 31, 2016 Assets 1. Prepare Irwin's sales budget for the first quarter of 2017. 2. Prepare Irwin's production budget for the first quarter of 2017. 3. Prepare Irwin's direct materials budget, direct labor budget, and manufacturing overhead budget for the first quarter of 2017. Round the predetermined overhead allocation rate to two decimal places. The overhead allocation base is direct labor hours. 4. Prepare Irwin's cost of goods sold budget for the first quarter of 2017 5. Prepare Irwin's selling and administrative expense budget for the first quarter of 2017. S 30.000 20,300 10,000 15.750 Print Done Current Assets Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation S 76,050 - X More Info 165,000 (35,000 130,000 Total Assets 206,050 Liabilities Current Liabilities: Accounts Payable a. Budgeted sales are 1,200 youth bats and 3,000 adult bats. b. Finished Goods Inventory on December 31 consists of 400 youth bats at $18 each and 450 adult bats at $19 each. C. Desired ending Finished Goods Inventory is 220 youth bats and 250 adult bats, FIFO inventory costing method is used. d. materials cost is $13 per youth bat $6 per adult bat. e. Desired ending Raw Materials Inventory is $10,000 (indirect materials are insignificant and not considered for budgeting purposes). f. Each bat requires 0.3 hours of direct labor, direct labor costs average $18 per $ 16,500 Stockholders' Equity $ Common Stock, no par 80,000 109,550 hour. Retained Earnings Total Stockholders' Equity 189.550 Total Liabilities and Stockholders' Equity $ 206,050 g. Variable manufacturing overhead is $0.60 per bat. h. Fixed manufacturing overhead includes $500 per quarter in depreciation and S4.084 per quarter for other costs, such as insurance and property taxes. Fixed selling and administrative expenses include $10,000 per quarter for salaries; $2,000 per quarter for rent: $1,800 per quarter for insurance, and $350 per quarter for depreciation. j. Variable selling and administrative expenses include supplies at 1% of sales. Print Done Print Done - X i Requirements -X Data Table Irwin Batting Company Balance Sheet December 31, 2016 Assets 1. Prepare Irwin's sales budget for the first quarter of 2017. 2. Prepare Irwin's production budget for the first quarter of 2017. 3. Prepare Irwin's direct materials budget, direct labor budget, and manufacturing overhead budget for the first quarter of 2017. Round the predetermined overhead allocation rate to two decimal places. The overhead allocation base is direct labor hours. 4. Prepare Irwin's cost of goods sold budget for the first quarter of 2017 5. Prepare Irwin's selling and administrative expense budget for the first quarter of 2017. S 30.000 20,300 10,000 15.750 Print Done Current Assets Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation S 76,050 - X More Info 165,000 (35,000 130,000 Total Assets 206,050 Liabilities Current Liabilities: Accounts Payable a. Budgeted sales are 1,200 youth bats and 3,000 adult bats. b. Finished Goods Inventory on December 31 consists of 400 youth bats at $18 each and 450 adult bats at $19 each. C. Desired ending Finished Goods Inventory is 220 youth bats and 250 adult bats, FIFO inventory costing method is used. d. materials cost is $13 per youth bat $6 per adult bat. e. Desired ending Raw Materials Inventory is $10,000 (indirect materials are insignificant and not considered for budgeting purposes). f. Each bat requires 0.3 hours of direct labor, direct labor costs average $18 per $ 16,500 Stockholders' Equity $ Common Stock, no par 80,000 109,550 hour. Retained Earnings Total Stockholders' Equity 189.550 Total Liabilities and Stockholders' Equity $ 206,050 g. Variable manufacturing overhead is $0.60 per bat. h. Fixed manufacturing overhead includes $500 per quarter in depreciation and S4.084 per quarter for other costs, such as insurance and property taxes. Fixed selling and administrative expenses include $10,000 per quarter for salaries; $2,000 per quarter for rent: $1,800 per quarter for insurance, and $350 per quarter for depreciation. j. Variable selling and administrative expenses include supplies at 1% of sales. Print Done Print Done