Cook Farm Supply Company manufactures and seils a pesticide called 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 2,42,600 bags. Selling price is S63 per bag 2. Direct materials:each bag of Snare requires 5 pounds of Gumm at a cost of $3.80per pound and 6 pounds of Tarr at 51.75 per pound 3. Desired inventory levels: Type of Inventory Snare (bags) Gumm (pounds) Tarr (pounds) January1 April1 8,200 12,100 18,500 9400 10,300 13.400 14,500 20,100 25,500 July 1 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 $176,000 per quarter 6. Interest coxpense is $100,000. 7. Income taxes are expected to be 30% of income before income taxes. Your assistant has prepared tvo budgets 1) the manufacturing overhead budget show s expected costs to be 125% of direct abor cost, and 2 the direct mater als budget for Tarr shows the cost of Tarr purchases to be $300 0 n quarter 1 and S422 50 in quarter 2 Note: Do not prepare the manufacturing overhead budget or the direct materials budget for Tarr.) Prepare the sales budget. COOK FARM SUPPLY COMPANY Sales Budget For the Quarter Ending June 30, 2020 Six Expected Unlt Sales 128600 242600 371200 luftSelling Price $ 63 S 63 $ 63 8101800 5283800S Total Sales 23385600 Prepare the production budget COOK FARM SUPPLY COMPANY For the Quarber Ending June 30, 2020 Six 242600 Dxpected Unle Sales Add Total Required Unlts 128600 Deslred Ending Flnished Goods Units Beginning Finishad Goods Unlis Requlred Productlion Unlts