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For the Quarter Ended M ces) production

For the Quarter Ended M ces) production

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 5, part 3. Please answer in same format as question so it's easy to transfer over

The Langley Batting Company manufactures wood baseball bats. Langley'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. Langley sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $40; the adult bat sells for $65. Langley's highest sales volume is in the first three months of the year as retailers prepare for the spring baseball season. Langley's balance sheet for December 31, 2018, and other data for the first quarter of 2019 follow: E (Click the icon to view the balance sheet.) 1 (Click the icon to view the other data.) 1 Data Table Read the requirements. For the Quarter Ended March 31, 2019 Finished Goods Inventory 21,300 Youth Adult Total Current Assets 74,000 Bats Bats Total Property, Plant, and Equipment: Equipment 130,000 Direct materials per bat (ounces) (50,000) 80,000 Less: Accumulated Depreciation Direct materials needed for production $ 154,000 Total Assets Plus: Liabilities Total direct materials needed Current Liabilities: Less: Accounts Payable $ 15,200 Budgeted purchases of direct materials Stockholders' Equity Direct materials cost per ounce Common Stock, no par 90,000 Budgeted cost of direct materials 48,800 Retained Earnings Choose from any list or enter any number in the input fields and then click Check Answer. Total Stockholders' Equity 138,800 $ 154,000 Total Liabilitios and Stockholdors! Eguity
Transcribed Image Text:The Langley Batting Company manufactures wood baseball bats. Langley'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. Langley sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $40; the adult bat sells for $65. Langley's highest sales volume is in the first three months of the year as retailers prepare for the spring baseball season. Langley's balance sheet for December 31, 2018, and other data for the first quarter of 2019 follow: E (Click the icon to view the balance sheet.) 1 (Click the icon to view the other data.) 1 Data Table Read the requirements. For the Quarter Ended March 31, 2019 Finished Goods Inventory 21,300 Youth Adult Total Current Assets 74,000 Bats Bats Total Property, Plant, and Equipment: Equipment 130,000 Direct materials per bat (ounces) (50,000) 80,000 Less: Accumulated Depreciation Direct materials needed for production $ 154,000 Total Assets Plus: Liabilities Total direct materials needed Current Liabilities: Less: Accounts Payable $ 15,200 Budgeted purchases of direct materials Stockholders' Equity Direct materials cost per ounce Common Stock, no par 90,000 Budgeted cost of direct materials 48,800 Retained Earnings Choose from any list or enter any number in the input fields and then click Check Answer. Total Stockholders' Equity 138,800 $ 154,000 Total Liabilitios and Stockholdors! Eguity
Langley Batting Company Sales Budget For the quarter ended March 31 209 Youth Adult Total Budgeted bats to be sold Sales price per unit 1200 2600 3800 40 65 Total Sales 48000 169000 217000 Langley Batting Company Production Budget For the quarter ended March 31 209 Youth Adult Total Sales 1200 2600 3800 Plus: Closing finished goods 350 300 650 Total Bats needed 1550 2900 4450 Less: Opening Finished goods 300 950 1250 Budgeted bats to be produced 1250 1950 3200
Transcribed Image Text:Langley Batting Company Sales Budget For the quarter ended March 31 209 Youth Adult Total Budgeted bats to be sold Sales price per unit 1200 2600 3800 40 65 Total Sales 48000 169000 217000 Langley Batting Company Production Budget For the quarter ended March 31 209 Youth Adult Total Sales 1200 2600 3800 Plus: Closing finished goods 350 300 650 Total Bats needed 1550 2900 4450 Less: Opening Finished goods 300 950 1250 Budgeted bats to be produced 1250 1950 3200
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