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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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.) 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
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
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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