Blossom Farm Supply Company manufactures and sells a pesticide called Snare. The following data are available for preparing budgets for Snare for the first 2 quarters of 2022. 1. Sales: quarter 1,40,800 bags: quarter 2,56,900 bags. Selling price is $60 per bag: 2. Direct materials; each bag of Snare requires 4 pounds of Gumm at a cost of $3.80 per pound and 6 pounds of Tarr at $1.50 per pound. 3. Desired inventory levels: 4. Direct labor: direct labor time is 15 minutes per bag at an hourly rate of $16.00 per hour. 5. Selling and administrative expenses are expected to be 15% of sales plus $178,500 per quarter. 6. Interest expense is $100,000. 7. Income taxes are expected to be 20% of income before income taxes. 4. Direct labor: direct labor time is 15 minutes per bag at an hourly rate of $16.00 per hour. 5. Selling and administrative expenses are expected to be 15% of sales plus $178,500 per quarter. 6. Interest expense is $100,000. 7. Income taxes are expected to be 20% of income before income taxes. Your assistant has prepared two budgets: (1) the manufacturing overhead budget shows expected costs to be 125% of direct labor cost, and (2) the direct materials budget for Tarr shows the cost of Tarr purchases to be $303,600 in quarter 1 and $450,600 in quarter 2. (Note: Do not prepare the manufacturing overhead budget or the direct materials budget for Tarr.) Prepare the production budget: Prepare the production budget. Production Budget Quarter Six 1 2 Months