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The Cooke Batting Company manufactures wood baseball bats. Cooke two primary products are a youth bat, designed for children and young teens, and an adult bat, designed for high school and collegeaged players. Cooke sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $45; the adult bat sells for $ 75. Cooke highest sales volume is in the first three months of the year as retailers prepare for the spring baseball season. Cooke's balance sheet for December 31, 2016, follows: DATA a. Budgeted sales are 1,200 youth bats and 3,300 adult bats. b. Finished Goods Inventory on December 31 consists of 250 youth bats at $12 each and 850 adult bats at $10 each c. Desired ending Finished Goods Inventory is 150 youth bats and 250 adult bats; FIFO inventory costing method is used. d. Direct materials cost is $4 per youth bat and $8 per adult bat. e. Desired ending Raw Materials Inventory is $16,000 (indirect materials are insignificant and not considered for budgeting purposes) f. Each bat requires 0.4 hours of direct labor; direct labor costs average $25 per hour. g. Variable manufacturing overhead is $0.30 per bat. h. Fixed manufacturing overhead includes $1,400 per quarter in depreciation and $3,540 per quarter for other costs, such as insurance and property taxes. i. Fixed selling and administrative expenses include $10,000 per quarter for salaries; $ $2,500 per quarter for rent; $1,900 per quarter for insurance; and $400 per quarter for depreciation. j. Variable selling and administrative expenses include supplies at 1% of sales. Requirement 1. Prepare Cooke sales budget for the first quarter of 2017