The irwin Bating Company manufactures wood baseball bats, Inwin's two primary products are a youth bat, designod for children and young teens, and an adult bat, designed for high school and colloge-eged players. Inwin sells the bats lo sporting goods sloces and all sales are on account. The youth bat sels for $55; the adult bat sells for $80. Irwin's highest salas volume is in the first three months of the year as retailers prepare for the spring basebati season. Irwin's balance sheet for December 31, 2018, and other data for the first quarter of 2019 follow: (Click the icon to viow the balance sheet.) (C) (Click the icon to view the other data.) Read the regulements. Requirement 1. Prepare Inwin's sales budget for the first quarter of 2018. Requirements 1. Prepare Irwin's sales budget for the first quarter of 2019. 2. Prepare Irwin's production budget for the first quarter of 2019 . 3. Prepare Irwin's direct materials budget, direct labor budget, and manufacturing overhead budget for the first quarter of 2019 . Round the predetermined overhead allocation rate to two decimal places. The overhead allocation base is direct labor hours. 4. Prepare Irwin's cost of goods sold budget for the first quarter of 2019 . 5. Prepare Irwin's selling and administrative expense budget for the first quarter of 2019. Balance Sheet December 31, 2018 Assets a. Budgeted sales are 1,700 youth bats and 3,500 adult bats. Finished Goods Inventory on December 31,2018 , consists of 500 youth bats at $17 b. each and 720 adult bats at $17 each. Desired ending Finished Goods Inventory is 400 youth bats and 460 adult bats: c. FIFO inventory costing method is used. Direct materials requirements are 42 ounces of wood per youth bat and 58 ounces d. of wood per adult bat. The cost of wood is $0.20 per ounce. Raw Materials Inventory on December 31,2018 , consists of 30,000 ounces of wood e. at $0.20 per ounce. Desired ending Raw Materials Inventory is 30,000 ounces (indirect materials are f. insignificant and not considered for budgeting purposes). g. Each bat requires 0.6 hours of direct labor; direct labor costs average $20 per hour. h. Variable manufacturing overhead is $0.70 per bat. Fixed manufacturing overhead includes $1,200 per quarter in depreciation and i. $1,220 per quarter for other costs, such as insurance and property taxes. Fixed selling and administrative expenses include $14,000 per quarter for salaries; $4,000 per quarter for rent; $1,300 per quarter for insurance; and $300 per quarter j. for depreciation. k. Variable selling and administrative expenses include supplies at 1% of sales