Kindly, please solve above two question # 7 and 8

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Question 7 Sarasota Company manufactures and sells a pesticide called Snare. The following data are available for preparing budgets for Snare for the first 2 quarters of 2017. 1. Sales: quarter 1, 29,400 bags; quarter 2, 42,200 bags. Selling price is $62 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 Tarr at $1.50 per pound. 3. Desired inventory levels: Type of Inventory Snare (bags) Gumm (pounds) Tarr (pounds) January 1 8,100 9,300 14,100 April 1 12,200 10,100 20,200 July 1 18,500 13,100 25,200 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 $179,000 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 $301,000 in quarter 1 and $424,500 in quarter 2. y . Prepare the sales budget. SARASOTA COMPANY Sales Budget For the Six Months Ending June 30, 2017 V Quarter Six Months 1 2 Expected unit sales 29400 42200 71600 Unit selling price 62 62 62 $ Total sales 1822800 2616400 4439200 $ Prepare the production budget. SARASOTA COMPANY Production Budget For the Six Months Ending June 30, 2017 Quarter Six Months 1 2 Expected Unit Sales 29400 42200 Add Desired Ending Finished Goods Units 12200 18500 : Total Required Units 41600 60700 Less Beginning Finished Goods Units 8100 12200 : Required Production Units 33500 48500 82000 Prepare the direct materials budget. (Round Cost per pound answers to 2 decimal places, e.g. 52.70.) SARASOTA COMPANY Direct Materials Budget-Gumm Quarter Six Months 1 2 $ $ $ $ $ Prepare the selling and administrative expense budget. SARASOTA COMPANY Selling and Administrative Expense Budget Quarter Six 1 2 Months $ udy. Click if you would like to Show Work for this question: Open Show Work CALCULATOR MESSAGE MY INSTRUCTOR STANDARD VIEW PRINTER VERSION >