Current Attempt in Progress Crane 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. Sales: quarter 1. 29,800 bags: quarter 2. 42,400 bags. Selling price is $62 per bag, Direct materials: each bag of Snare requires 5 pounds of Gumm at a cost of $3.80 per pound and 6 pounds of Tarrat $1.50 per pound Desired inventory levels 1. 2. 3. Type of Inventory Snare (bags) Gumm (pounds Tarr (pounds) January 1 8.100 9.500 14.100 April 1 12,100 10.300 20,100 July 1 18,100 13.100 25.200 5. Direct labor direct labor time is 15 minutes per bag at an hourly rate of $16 per hour Selling and administrative expenses are expected to be 15% of sales plus $179.000 per quarter Interest expense is $100,000 Income taxes are expected to be 30% of income before income taxes, 7 Your assistant has prepared two budgets: (1) the manufacturing overhead budget show expected costs to be 125% of direct labor cost, and (2) the direct materials budget for Tarr shows the cost of Tarputhases to be $308 000 le quarter i and $422.500 in quarter 2 (Note: Do not prepare the manufacturing overhead budet or the direct material buetipet for Taro Prepare the sales budget. CRANE FARM SUPPLY COMPANY Sales Budget Quarter Six Months 1 2 $ $ $ $ Prepare the production budget. CRANE FARM SUPPLY COMPANY Production Budget Quarter 2 e Textbook and Media Prepare the direct materials budget. (Round Cost per pound answers to 2 decimal places, eg: 52.70) - /5 Prepare the production budget. CRANE FARM SUPPLY COMPANY Production Budget Quarter 1 2 Six Months eTextbook and Media Prepare the direct materials budget. (Round Cost per pound answers to 2 decimal places. e., 5270) CRANE FARM SUPPLY COMPANY Direct Materials Budget-Gumm Prepare the direct materials budget. (Round Cost per pound answers to 2 decimal places, e.g. 52.70.) CRANE FARM SUPPLY COMPANY Direct Materials Budget-Gumm Quarter 1 2 s 5 Prepare the direct materials budget. (Round Cost per pound answers to 2 decimal places, e.g. 52.70.) CRANE FARM SUPPLY COMPANY Direct Materials Budget-Gumm Quarter Six Months 2 s $ 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.) CRANE FARM SUPPLY COMPANY Budgeted Income Statement > eTextbook and Media Attempter limited Prepare the selling and administrative expense budget. CRANE FARM SUPPLY COMPANY Selling and Administrative Expense Budget Quarter 1 2 Six Months $ $ $ $ 5 eTextbook and Media