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 2 Sales: quarter 1, 28,000 bags: quarter 2,43,400 bags. Selling price is $63 per bag Direct materials: each bag of Snare requires 4 pounds of Gumm at a cost of $3,80 per pound and 6 pounds of Tarrat $1.50 per pound. Desired inventory levels: 3 Type of Inventory Share bags Gurm (pounds) Tarr (pounds January 1 8.400 9.500 14.500 April 1 12,500 10,300 20.100 July 1 18,400 13.400 25.100 4 5 Direction direct labor time is 15 minutes per bagat an hourly rate of $16 per hour, Selling and administrative expenses are expected to be 15% of sales plus 5177.000 per quarter Interest expenses $100.000 Inom 7 Tncome taxes are expected to 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 Torr shows the cost of Tarr purchases to be $300,000 in quarter 1 and $424.500 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 Quarter SEX Months 2 $ $ $ Unit selling price $ $ Total sales Prepare the production budget. COOK FARM SUPPLY COMPANY Production Budget Quarter 2 Prepare the direct materials budget. (Round Cost per pound answers to 2 decimal places, eg. 5270 COOK FARM SUPPLY COMPANY Direct Materials Budget-Gumm Quarter 2 Prepare the direct labor budget. (Enter Direct labor time per unit in proportion to hours, eg for 45 minutes the proportion will be 0.75.) COOK FARM SUPPLY COMPANY Direct Labor Budget Quarter 2 MC $ Prepare the selling and administrative expense budget. COOK FARM SUPPLY COMPANY Selling and Administrative Expense Budget Quarter SIX Months 2 $ $ Prepare the budgeted multiple-step income statement for the first 6 months. (Round Intermediate calculations to 2 decimal places and final answer to decimal places, 68.1.255.) COOK FARM SUPPLY COMPANY Budgeted Income Statement