Cook 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 2020. 1. Sales: quarter 1-29,200 bags; quarter 2-43,200 bags. Selling price is $61 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: Type of inventory Jan1 April July1 Snare (bags). 8,400. 12,200. 18,200 Gumm (pounds). 9,200. 10,200. 13,500 Tarr (pounds). 14,300. 20,400. 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 $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 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 1 and $425,500 in quarter 2. (Note: do not prepare the manufacturing overhead budget or the direct materials budget for tarr.) PREPARE THE PRODUCTION BUDGET Quarter 1 Quarter2 ___________. ___________. _____________ _____. __________. __________. ____________ ________________. __________. ____________ _____ __________. __________. ____________ _________________. __________. _____________