he 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 ba 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 alance sheet for December 31, 2018, and other data for the first quarter of 2019 follow: (Click the icon to view the balance sheet.) O (Click the icon to view the other data.) O Data Table ead the requirements. equirement 1. Prepare Langley's sales budget for the first quarter of 2019. Assets Langley Batting Company Current Assets: Sales Budget Cash 30,000 For the Quarter Ended March 31, 2019 Accounts Receivable 16,700 Youth Adult Raw Materials Inventory 6,000 Bats Bats Total Finished Goods Inventory 21,300 mudgeted bats to be sold 1,200 2,600 3,800 Total Current Assets 74,000 40 $ 65 Fales price per unit Property, Plant, and Equipment: otal sales 48,000 $ 169,000 $ 217,000 Equipment 130,000 Less: Accumulated Depreciation (50,000) 80,000 equirement 2. Prepare Langley's production budget for the first quarter of 2019. %24 154,000 Langley Batting Company Total Assets
he 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 ba 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 alance sheet for December 31, 2018, and other data for the first quarter of 2019 follow: (Click the icon to view the balance sheet.) O (Click the icon to view the other data.) O Data Table ead the requirements. equirement 1. Prepare Langley's sales budget for the first quarter of 2019. Assets Langley Batting Company Current Assets: Sales Budget Cash 30,000 For the Quarter Ended March 31, 2019 Accounts Receivable 16,700 Youth Adult Raw Materials Inventory 6,000 Bats Bats Total Finished Goods Inventory 21,300 mudgeted bats to be sold 1,200 2,600 3,800 Total Current Assets 74,000 40 $ 65 Fales price per unit Property, Plant, and Equipment: otal sales 48,000 $ 169,000 $ 217,000 Equipment 130,000 Less: Accumulated Depreciation (50,000) 80,000 equirement 2. Prepare Langley's production budget for the first quarter of 2019. %24 154,000 Langley Batting Company Total Assets
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.)
A (Click the icon to view the other data.)
Data Table
Read the reguirements.
Requirement 1. Prepare Langley's sales budget for the first quarter of 2019.
Assets
Langley Batting Company
Current Assets:
Sales Budget
Cash
30,000
For the Quarter Ended March 31, 2019
Accounts Receivable
16,700
Youth
Adult
Raw Materials Inventory
6,000
Bats
Bats
Total
21,300
Finished Goods Inventory
Budgeted bats to be sold
1,200
2,600
3,800
74,000
Total Current Assets
$
40
$
65
Sales price per unit
Property, Plant, and Equipment:
$
48,000
$ 169,000 $
217,000
Total sales
Equipment
130,000
Less: Accumulated Depreciation
(50,000)
80,000
Requirement 2. Prepare Langley's production budget for the first quarter of 2019.
154,000
Total Assets
Langley Batting Company
Liabilities
Choose from any list or enter any number in the input fields and then click Check Answer.
(?
Current Liabilities:
6 parts
Accounts Payable
2$
15,200
Cheelk Aneu uer
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.
Requirement 2. Prepare Langley's production budget for the first quarter of 2019.
Finished Goods Inventory
21,300
Total Current Assets
74,000
Langley Batting Company
Production Budget
Property, Plant, and Equipment:
For the Quarter Ended March 31, 2019
Equipment
130,000
(50,000)
80,000
Youth
Adult
Less: Accumulated Depreciation
Bats
Bats
Total
$
154,000
Total Assets
Liabilities
Plus:
Current Liabilities:
Total bats needed
Accounts Payable
$
15,200
Less:
Stockholders' Equity
Common Stock, no par
90,000
Budgeted bats to be produced
Retained Earnings
48,800
Choose from any list or enter any number in the input fields and then click Check Answer.
138,800
Total Stockholders' Equity
$ 154,000
I
porto
Total Liabilitios and Stockholdors! Eguity
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