90.2K

Verified Solution

Link Copied!

sharp batting company

The Sharpe Batting Company manufactures wood baseball bats Sharpe'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. Sharpe seils the bats to sporting goods stores and all sales are on account. The youth bat sells for $30, the adult bat sells for $70 Sharpe's highest sales volume is in the first three months of the year as retaiers prepare for the spring baseball season Sharpe's balance sheet for December 31,2024 , and other data for the first quarter of 2025 follow (Chick the icon to view the balance sheet) (i) (Click the icon to view the other data) Read the requirements a. Budgeted sales are 1,600 youth bats and 3,500 adult bats. b. Finished Goods Inventory on December 31, 2024, consists of 400 youth bats at $16 each and 840 adult bats at $19 each c. Desired ending Finished Goods Inventory is 200 youth bats and 550 adult bats; FIFO inventory costing method is used. d. Direct materials requirements are 50 ounces of wood per youth bat and 64 ounces of wood per adult bat. The cost of wood is $0.15 per ounce. More info e. Raw Materials Inventory on December 31,2024 , consists of 26,000 ounces of wood at $0.15 per ounce. f. Desired ending Raw Materials Inventory is 26,000 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 $25 per hour. h. Variable manufacturing overhead is $0.50 per bat h. Variable manufacturing overhead is $0.50 per bat. Fixed manufacturing overhead includes $700 per quarter in depreciation and $4,371 per quarter for other costs, such as insurance and property taxes. j. Fixed selling and administrative expenses include $8,000 per quarter for saaries. $1,500 per quarter for rent, $1,500 per quarter for insurance; and $400 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 5% of sales. Data table Total Current Assets Property, Plant, and Equipment Equipment Less: Accumulated Depreciation Total Assets Accounts Payable Stockholders' Equity Common Stock, no par 5120,000 Retained Earnings 53.160 Total Stockholders' Equity Requirement 1. Prepare Sharpe's sales budget for the first quarter of 2025. \begin{tabular}{l|l} \multicolumn{3}{c}{ For the Quarter Ended March 31,2025 } \\ Youth & Bats \\ Bales price per unit & Adult \\ Total sales \end{tabular} Sharpe Batting Company Production Budget For the Quarter Ended March 31, 2020 Sharpe Batting Company Direct Materials Budget For the Quarter Ended March 31, 2025 Direct materials per bat (ounces) Direct materials needed for production Plus: Total direct materials needed The Sharpe Batting Company manufactures wood baseball bats Sharpe's two primary products are a youth bat, designed for children and yo Prepare the direct labor budget (Enter any hours per unit amounts to fwo decimal places, XX ) Review the production budaet vou prepared above Direct labor hours needed for production Budgeted direct labor cost VOH cost per bat Budgeted VOH Budgeted FOH Depreciation VOH cost per bat Budgeted VOH Budgeted FOH Depreciation Budgeted manufacturing overhead costs Direct labor hours Budgeted manufacturing overhead costs Predetermined overhead allocation rate Before preparing the cost of goods sold budget, calculate the projected manufacturing cost per bat for 2025 . (Round afl amounts to the nearest cent) Total projected manufacturing cost per bat for 2025 Sharpe Batting Company Selling and Administrative Expense Budget For the Quarter Ended March 31, 2025

Answer & Explanation Solved by verified expert

See Answer