CockFarm Supply Company manufactures and sells a pesticide cal led Snare. The following data are available for preparing budgets for Snare for the first 2 quarters of 2020. 1. Sales: quarter 1, 28,600 bags quarter 2, 42,800 bagn. Selling price is $63 per bag, 2. Direct materials: each bag of 5 nare requires 5 pounds of Gumm at a cost of $3.80 per pound and 6 pounds of Tarr at $1.50 per pound. 3. Desiredinventorylevels. 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 $177,000 per quarter. 6. Interest expense is $100,000 7. Income taves are expected to be 30% 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 (Note Do not prepare the manufacturing overhead budget or the direct materials budget for Tarr) (a) Your answer is correct. Prepare the sales budget. Prepare the production budget. Prepare the direct materials budget. (Round Coct par pound answess to 2 dorinal places, eng 5270.) Prepare the direct labor budget. (Eatar Diract labor time parmit in proportion to hours, ag for 45 mint Prepare the selling and administrative axpense bud ast