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Sheffield Farm Supply Company manufactures and sells a fertilizer called Share. The following data we wait for your for Snare for the first two quarters of 2022. 1. Sales: Quarter 1. 30.000 bus quarter 2.44,000 aps. Selling price is $5 per but 2. Direct materiale:Each bag of Snare requires thg of Gumma 54.00 per kilogram and olg of To 51.50 per kilogram 3 Desired inventory levels July 1 Type of inventory Share bags January 1 April 1 7000 13,000 10.000 9.000 17 000 Gummi 12.000 Tarr 15.000 21.000 26,000 4. Direct labour: Direct labour time is 15 minutes per bag at an hourly rate of $12.00 per hour 5. The company expects selling and administrative expenses to be 15% of sales plus 5177,000 per quarter 6. It expects income taxes to be 30% of income from operations Gumm (kg) 10,000 9,000 12,000 Tarr (kg) 15.000 21,000 26,000 4. Direct labour: Direct labour time is 15 minutes per bag at an hourly rate of $12.00 per hour. 5. The company expects selling and administrative expenses to be 15% of sales plus $177,000 per quarter. 6. It expects income taxes to be 30% of income from operations Your assistant has prepared two budgets: (1) The manufacturing overhead budget shows expected costs to be 150% of direct labour cost. (2) The direct materials budget for Tarr shows the cost of Tarr purchases to be $296,000 in quarter 1 and 5435,000 in quarter 2 Prepare the following operating budgets by quarters. (Note: Classity terms as variable and fixed in the selling and administrative expenses budget) Do not prepare the manufacturing overhead budget or the direct materials budget for Tart. Prepare the budgeted income statement for the first sie months and per unit caktons to 2 decir en 4 0.23 stod answer to dedim 125 SHEFFIELD FARM SUPPLY COMPANY Budgeted Income Statement For the Six Months Ending June 30, 2022