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Question 7 of 7 0.82 / 1 Ivanhoe 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. Question 7 of 7 Produced Time (Hours) per Unit red Direct Labor Hours yr Cost per Hour Labor Cost Quarter Six Months I. 2. 3. Sales: quarter I, 29,400 bags; quarter 2, 42,200 bags. Selling price is $62 per bag. Direct materials: each bag of Snare requires 5 pounds of Gumm at a cost of $4 per pound and 6 pounds of Tarr at $1.5 per pound. Desired inventory levels: Type of Inventory Snare (bags) Gumm (pounds) Tarr (pounds) January 1 8,100 9,300 14,100 April 1 12,200 10,100 20,200 July 1 18,500 13,100 25,200 1 33,500 0.25 8,375 16 134,000 2 48,500 0.25 12,125 16 194,000 4. 5. 6. 7. Direct labor: direct labor time is 15 minutes per bag at an hourly rate of $16 per hour. Selling and administrative expenses are expected to be 15% of sales plus $179,000 per quarter. Interest expense is $100,000. 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 $301,000 in quarter I and $424,500 in quarter 2. (Note: Do not prepare the manufacturing overhead budget or the direct materials budget for Tarr.) uestion 7 0 IVANHOE FARM SUPPLY COMPANY Sales Budget For the Six Months Ending June 30, 2022 Prepare the selling and administrative expense budget. IVANHOE FARM SUPPLY COMPANY Selling and Administrative Expense Budget For the Six Months Ending June 30, 2022 Quarter Quarter Expected Unit Sales unit Selling Price Total Sales Prepare the production budget. ing Finished Goods Units Dished Goods units Units to be Produced Direct Materials per Unit Total Pounds Needed for Production 1 29400 62 1822800 IVANHOE FARM SUPPLY COMPANY Production Budget For the Six Months Ending June 30.2022 Quarter 1 29400 12200 8100 2 42200 62 2616400 2 42200 18500 12200 Six Months 71600 62 4439200 Six Months 2 48.500 5 242.500 13.100 255.600 10,100 245.500 4 982.000 ed Sales in Units e Expenses xpenses :lling and Administrative Expenses Question 7 of 7 1 29,400 273,420 179,000 452,420 2 42,200 392,460 179,000 571,460 328,00 Six Months 7 66 35 1.02 0.82 / 1 Prepare the budgeted multiple-step income statement for the first 6 months. (Round intermediate calculations to 2 deci places and final answer to O decimal places, e.g, 1,255.) IVANHOE FARM SUPPLY COMPANY Budgeted Income Statement Add Desired Ending Direct Materials (Pounds) Less Beginning Direct Materials (Pounds) Direct Materials Purchases Cost per Pound IVANHOE FARM SUPPLY COMPANY Direct Materials BudgetGumm For the Six Months Ending June 30.2022 Quarter 1 33.500 5 167,500 10.100 177.600 9,300 168.300 4 673,200 Sales Cost of Goods Sold Gross Profit Income from Operations Income Before Income Tax Income Tax Expense Net Income / (Loss) eTextbook and Media Save for Later 71600 2649200 1790000 766120 666120 199836 466284 Attempts: 1 of 3 used Prepare the direct labor budget. (Enter Direct labor time per unit in proportion to hours, e.g. for 45 minutes the proportion will be 0.75.) IVANHOE FARM SUPPLY COMPANY Direct Labor Budget Submit Ansv.