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 1,28,000 bags; quarter 2,42,000 bags. Selling price is $61 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 inventorylevels: 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 puarter, 6. Interest expense is $100,000. 7. Income taxs 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 purchasen to be $298.000 in quarter 1 and $422,500 in quarter 2. (Note: Do not prepare the manulacturing overhead budget or the direct materials budget for Tarr) Prepare the selling and administrative expense budget