Cook Farm Supply Comporiy manudactures and sels a pesticide callod Srare. The following data are avaizable for areparing budgets for 5 mare for the first 2 quarters of 2020 . 1. Sales, quarter 1.28,200 bags quarter 2,42.400 bags Sellingprice is 503 per bae 2. Direct materiaks 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 pesind. 3. Desired inventory levels: 4. Direct labor direct taber time is 15 minutes per bag at an hourly ratn of $16 per hour. 5. Sellingand adwinistrative eiferves are expected to be 15% of sales phus 5 Lio.000 per quarter. 6. Interest exgese is $100,000 7. Interic twam are expected to be sorh of incuene before income tanes. 2 Prepire the production budzet. COOK FARM SUPPLY COMPANY Production Budget For the Six Montson Endineduse 20, 2020 eTextioook and Media Attemots: 3 of 3 uted (b) OOK FARM SUPPLY COMPANY For the Si. Montlis Erding tane 30,2020 . Quarter Prepare the direct labor budget (tinter Duyct labor time per unit in proportion to bouns es for 49 minute the propertion wit be a.75j) Prepare the sellins and administrative expense budget. Prepare the selling and administrative uspense budgut. Prepare the budgeted multiple-step income statement for the Gist 6 montis, (Rocmd infemnediste caficulotions to 2 dectinaf plocel and final enmer to o dechal ploces es 1.255)