Cook Farm Supply Company manufactures and sells a pesticide called Snare. The following data are available for prepar ing budgets for Snare for the first 2 quarters of 2020. 1. Sales: quarter 1,28,000 bags; quarter 2,43,400 bags. Selling price is $63 per bag. 2. Direct materials: each bag of Snare requires 4 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 516 per hour. 5. Selling and administrative expenses are expected to be 15% of soles pius $177,000 per cuarter. 6. Interest expense is $100,000. 7. Income taxes are expected to be 30x of income before income caxes. Your assistant has prepared two budgets: (1) the manufacturing overhead budget shows oxpcted costs to be 1258 of direct labor cost, and (2) the direct materials budget for Tarr shows the cost of Tarr purchuses to be $300,000 in cuarter 1 and $404500 in quarter 2. (Note: Do not prepare the manufacturing overhead budget or the direct materia's budset for tart) Prepare the selling and administrative expense budget. Prepare the budgeted multiple-step income statement for the first 6 months. (Round intermediate calculations to 2 decimal places and final answer to 0 decimal places, e.g. 1,255.) Prepare the selling and administrative expense budget. Prepare the budgeted multiple-step income statement for the first 6 months. (Round intermediate calculations to 2 decimal places and final answer to 0 decimal ploces, e.g. 1,255.) Prepare the budgeted multiple-step income statement for the first 6 months. (Round intermediate calculations to 2 decimal places and final answer to 0 decimal places, eg. 1,255.)