i posted this question yesterday and the answers i received were incorrect. I clicked the 'thumbs down' button and mentioned that the answer was incorrect, but it's been hours and no one has fixed it. I'm using my monthly questions and I dont think this should deduct my remaining questions left..

thats fine. i would like for the answer to be solved, please

Sheridan 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, 28,600 bags: quarter 2, 42,600 bags. Selling price is $63 per bag. 2. Direct materials: each bag of Snare requires 5 pounds of Gumm at a cost of $3,80 per pound and 6 pounds of Tarrat $1.75 per pound. 3. Desired inventory levels: Type of Inventory January 1 April 1 July 1 Snare (bags) 8,200 12,100 18,500 Gumm (pounds) 9,400 10,300 13,400 Tarr (pounds) 14,500 20,100 25,500 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 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 $300,000 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. SHERIDAN FARM SUPPLY COMPANY Sales Budget For the Six Months Ending June 30, 2020 Quarter Six 2 Months Expected Unit Sales 28600 42600 71200 Unit Selling Price : Total Sales $ 1801800 2683800 4485600 Prepare the production budget. SHERIDAN FARM SUPPLY COMPANY Production Budget For the Six Months Ending June 30, 2020 Quarter Six Months Expected Unit Sales 28600 42600 Add 4: Desired Ending Finished Goods Units - 12100 18500 Production Budget For the Six Months Ending June 30, 2020 Quarter Six 2 Months 28600 42600 Add : Desired Ending Finished Goods Units . 12100 18500 Total Required Units 61100 40700 Less :: Beginning Finished Goods Units 8200 i 12100 i 32500 49000 Required Production Units 81500 e Textbook and Media Attempts: 7 of 1 SHERIDAN FARM SUPPLY COMPANY Direct Materials Budget-Gumm For the Six Months Ending June 30, 2020 Quarter Six Months Total Pounds Needed for Production : 32500 49000 Desired Ending Direct Materials (Pounds) Units to be produced 162500 245000 10300 13400 Add 9 : Desired Ending Direct Materials (Pounds) Total Materials Required 172800 258400 9400 i 10300 Less : Beginning Finished Goods Units Units to be produced 163400 248100 3.80 3.80 Cost per Pound 942780 1563700 620920 Total Materials Required SHERIDAN FARM SUPPLY COMPANY Direct Materials Budget-Gumm Quarter Six Months Total Pounds Needed for Production : 32500 49000 Desired Ending Direct Materials (Pounds) Units to be produced 162500 245000 10300 13400 Add 9 : Desired Ending Direct Materials (Pounds) Total Materials Required 172800 258400 9400 i 10300 Less : Beginning Finished Goods Units Units to be produced 163400 248100 3.80 3.80 Cost per Pound 942780 1563700 620920 Total Materials Required 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.) SHERIDAN FARM SUPPLY COMPANY Direct Labor Budget For the Six Months Ending June 30, 2020 Quarter Six Months Total Pounds Needed for Production - 32500 49000 Cost per Pound 0.25 0.25 Direct Labor Time (Hours) per Unit 12250 Direct Labor Cost per Hour 16 Direct Labor Time (Hours) per Unit 130000 196000 326000 Prepare the selling and administrative expense budget. SHERIDAN FARM UPPLY COMPANY Selling and Administrative Expense Budget Prepare the selling and administrative expense budget SHERIDAN FARM SUPPLY COMPANY Selling and Administrative Expense Budget For the Six Months Ending June 30, 2020 Quarter Six Months Fixed Expenses 130000 196000 326000 Fixed Expenses 270270 402570 $ 672840 Fixed Expenses 176000 176000 352000 Total Selling and Administrative Expenses 446270 578570 1024840 e Textbook and Media Solution 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, es 1,255.) SHERIDAN FARM SUPPLY COMPANY Budgeted Income Statement For the Six Months Ending June 30, 2020 Sales 23385600 Cost of Goods Sold 11419700 Gross Profit 11965900 Selling and Administrative Expenses Income Before Income Tax Interest Expense Income Before Income Tax . Income Tax Expense Net Income/(Loss)