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The Haney Batting Company manufactures wood baseball bats. Haney'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. Haney sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $30; the adult bat sells for $45. Haney's highest sales volume is in the first three months of the year as retailers prepare for the spring baseball season. Haney's balance sheet for December 31, 2024, and other data for the first quarter of 2025 follow: B (Click the icon to view the balance sheet.) (Click the icon to view the other data.) Read the fequirements Requirement 1. Prepare Haney's sales budget for the first quarter of 2025. Haney 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 Haney's production budget for the first quarter of 2025. Haney Batting Company Production Budget For the Quarter Ended March 31, 2025 Youth Adult Rats Rats Total Haney 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 Haney's direct materials 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. Haney Batting Company Direct Materials Budget Direct Materials Budget For the Quarter Ended March 31, 2025 Youth Adult Bats 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, X.XX.) Review the production budget you prepared above. Review the production budget you prepared above. Haney 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, X.XX. 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. Haney Batting Company Manufacturing overnead Budget For the Quarter Ended March 31, 2025 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 E Requirement 4. Prepare Haney'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 production budget you prepared above. Haney Batting Company Cost of Goods Sold Budget For the Quarter Ended March 31, 2025 Youth Adult Bats Bats Total ..... Bats Bats Total Bats produced and sold in 1st quarter of 2025 Total budgeted cost of goods sold Requirement 5. Prepare Haney's selling and administrative expense budget for the first quarter of 2025. Review the sales budget you prepared above. Haney Batting Company Selling and Administrative Expense Budget For the Quarter Ended March 31, 2025 Total budgeted selling and administrative expense - Data Table Haney Batting Company Balance Sheet December 31, 2024 Assets Current Assets: Cash $ 40,000 Accounts Receivable 22,500 Raw Materials Inventory 8,700 19,770 Finished Goods Inventory Total Current Assets $ 90,970 Property, Plant, and Equipment: Equipment 110,000 (70,000) Less: Accumulated Depreciation 40,000 $ 130,970 Total Assets - x X Data Table Raw Materials Inventory 8,700 Finished Goods Inventory 19,770 Total Current Assets 90,970 Property, Plant, and Equipment: Equipment 110,000 (70,000) Less: Accumulated Depreciation 40,000 $ 130,970 Total Assets Liabilities Current Liabilities: Accounts Payable 11,600 Stockholders' Equity Common Stock, no par 80,000 Retained Earnings 39,370 Total Stockholders' Equity 119,370 $ Total Liabilities and Stockholders' Equity 130,970 x More Info a. Budgeted sales are 1,400 youth bats and 2,800 adult bats. b. Finished Goods Inventory on December 31, 2024, consists of 550 youth bats at $15 each and 720 adult bats at $16 each. c. Desired ending Finished Goods Inventory is 450 youth bats and 240 adult bats; FIFO inventory costing method is used. d. Direct materials requirements are 42 ounces of wood per youth bat and 62 ounces of wood per adult bat. The cost of wood is $0.30 per ounce. e. Raw Materials Inventory on December 31, 2024, consists of 29,000 ounces of wood at $0.30 per ounce. f. Desired ending Raw Materials Inventory is 29,000 ounces (indirect materials are insignificant and not considered for budgeting purposes). g. Each bat requires 0.1 hours of direct labor; direct labor costs average $32 per hour. h. Variable manufacturing overhead is $0.40 per bat. i. Fixed manufacturing overhead includes $400 per quarter in depreciation and $2,134 per quarter for other costs, such as insurance and property taxes. j. Fixed selling and administrative expenses include $6,000 per quarter for salaries; $4,000 per quarter for rent; $1,500 per quarter for insurance; and $100 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 4% of sales. Requirements 1. Prepare Haney's sales budget for the first quarter of 2025. 2. Prepare Haney's production budget for the first quarter of 2025. 3. Prepare Haney's direct materials 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. 4. Prepare Haney's cost of goods sold budget for the first quarter of 2025. 5. Prepare Haney's selling and administrative expense budget for the first quarter of 2025