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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, 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 2. and 6 pounds of Tarr at $1.50 per pound. 3. Desired inventory levels: 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 4. 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 5. quarter. 6. Interest expense is $100,000. 7. Income taxes 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 purchases to be $303,000 in quarter 1 and $422,500 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 choose the accounting period Quarter Expected unit sales Unit selling price Total sales Six 1 2 Months enter a number of units enter a number of units enter a number of units $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a total dollar $enter a total dollar $enter a total dollar amount Prepare the production budget. COOK FARM SUPPLY amount amount COMPANY Production Budget choose the accounting period Quarter Six 1 2 Months select an opening production budget item enter a number of units enter a number of units select between addition and deduction : select a production budget item enter a number of units select a summarizing line for the first part enter a total number of units for enter a number of units enter a total number of units for the first part the first part select between addition and deduction : select a production budget item enter a number of units select a closing production budget item enter a total number of units enter a total number of units enter a number of units enter a total number of units eTextbook and Media Prepare the direct materials budget. (Round Cost per pound answers to 2 decimal places, e.g. 52.70.) COOK FARM SUPPLY COMPANY Direct Materials BudgetGumm choose the accounting period Quarte Six r Months 1 2 select an opening direct materials budget item enter a number of units enter a number of units select an item enter the amount of pounds enter the amount of pounds select a summarizing line for the first part enter a total amount of pounds for enter a total amount of pounds for the first part the first part select between addition and deduction : select an item enter the amount of pounds select a summarizing line for the second part enter a total amount of pounds for enter the amount of pounds enter a total amount of pounds for the second part the second part select between addition and deduction : select an item enter the amount of pounds select a summarizing line for the third part enter a total amount of pounds for the enter the amount of pounds enter a total amount of pounds for the third part third part select an item $enter a dollar amount select a closing direct materials budget item $enter a total dollar amount $enter a total dollar amount $enter a dollar amount $enter a total dollar amount Prepare the direct labor budget. (Enter Direct labor time per unit in proportion to hours, e.g. for 45 minutes the proportion will be 0.75.) COOK FARM SUPPLY COMPANY Direct Labor Budget choose the accounting period Quarter 1 2 Six Months select an opening labor budget item enter a number of units enter a number of units select a labor budget item enter a number of hours select a summarizing line for the first part enter a total number of hours for the enter a number of hours enter a total number of hours for the first part first part select a labor budget item $enter a dollar amount select a closing labor budget item $enter a total dollar amount $enter a total dollar amount $enter a dollar amount $enter a total dollar amount Prepare the selling and administrative expense budget. COOK FARM SUPPLY COMPANY Selling and Administrative Expense Budget choose the accounting period Quarter Six 1 2 Months select an item enter a total number of enter a total number of units units enter a total number of units select an item $enter a dollar amount $enter a dollar amount $enter a dollar amount select an item enter a dollar amount select a closing budget item $enter a total dollar amount enter a dollar amount $enter a total dollar amount enter a dollar amount $enter a total dollar amount eTextbook and Media 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, e.g. 1,255.) COOK FARM SUPPLY COMPANY Budgeted Income Statement choose the accounting period select an income statement item $enter a dollar amount select an income statement item enter a dollar amount select a summarizing line for the first part enter a total amount for the first part select an income statement item enter a dollar amount select a summarizing line for the second part enter a total amount for the second part select an income statement item enter a dollar amount select a summarizing line for the third part enter a total amount for the third part select an income statement item enter a dollar amount select a closing name for the budgeted income statement $enter a total net income or loss amount eTextbook and Media Attempts: 0 of 3 used