Cook farm supply company manufactured and sells a pesticied called Snare. The following data are available for preparing budgets for Snare for the first 2 quarters of 2020 1. Sales: quarter 1,29,200 bags; quarter 2 , 43,200 bags. Selling price is $61 per bag 2.Direct materials:each bag of Snare requires 5 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 per hour 5. Selling and administrative expenses are expected to be 15% of sales plus $180,000 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 cost to be 125% of the direct labor cost and(2) tge direct materials budget for Prepare the selling and administrative expense budpet. COOKFARM SUPPLY COHPAIY Selling and Administrative Expense Budget For the Six Months Ending June 30,2020 Quarter 5 5 5 (5) 5