(c) Prepare the budgeted multiple-step income statement for the first 6 months. (Round intermed COOK FARM SUPPLY COMPANY Budgeted Income Statement Total Required Units 41600 60700 Less Beginning Finished Goods Units 8100 12200 Required Production Units 33500 48500 82000 SHOW ANSWER LINK TO TEXT LINK TO TEXT Problem 24-01A a-c (Part Level Submission) (Video) Cook Farm Supply Company manufactures and sells a pesticide called Snare. The following data are avail 1. Sales: quarter 1, 29,400 bags; quarter 2, 42,600 bags. Selling price is $63 per bag. 2. Direct materials: each bag of Snare requires 4 pounds of Gumm at a cost of $3.80 per pound and 6 p 3. Desired inventory levels: Type of Inventory Snare (bags) Gumm (pounds) Tarr (pounds) January 1 8,100 9,500 14,200 April 1 12,200 10,100 20,500 July 1 18,100 13,200 25,400 4. Direct labor: direct labor time is 15 minutes per bag at an hourly rate of $16 per hour. 5. Selling and administrative expenses are expected to be 15% of sales plus $179,000 per quarter. 6. Interest expense is $100,000. 7. Income taxes are expected to be 30% of income before income taxes. Your assistant has prepared two budgets: (1) the manufacturing overhead budget shows expected costs purchases to be $301,000 in quarter 1 and $426,500 in quarter 2. (Note: Do not prepare the manufacturing overhead budget or the direct materials budget for Tarr.) he following data are available for preparing budgets for Snare for the first 2 quarters of 2020. per bag. of $3.80 per pound and 6 pounds of Tarr at $1.75 per pound. 16 per hour $179,000 per quarter adget shows expected costs to be 125% of direct labor cost, and (2) the direct materials budget for Tarr shows the cost of Tarr enals budget for Tarr.) Prepare the budgeted multiple-step income statement for the first 6 months. (Roum COOK FARM SUPPLY COMPANY Budgeted Income Statement For the Six Months Ending June 30, 2020 Sales 4536000