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 1,29,800 bags; quarter 2,43,800 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 $1.75 per pound. 3. Desired inventorylevels: 4. Direct labors 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. Incone taxes are expected to be 30% of income before income taxec. Your assistant has prepared two budgets: (1) the manufacturing overhead budget shows expected costs to be 12596 of direct labor cost and (2) the direct materials budset for Tarr shows the cost of Tarr purchases to be $298,000 in quarter 1 and $423,500 in quarter 2. (Note: Do not prepare the manufacturing overhead budget or the direct materials budget for tarr) Prepare the budgeted multiple-step income statement for the first 6 months. (Round intermediate calcul and final answer to 0 decimal places, eg. 1,255.)