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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 2022. 1. 2. Sales:quarter 1. 40.000 bags: quarter 2, 56,000 bags Selling price is $60 per bag Direct materials: each bag of Snare requires 4 pounds of Gumm at a cost of $3.8 per pound and 6 pounds of Tart at $1.5 per pound Desired inventory levels: 3 January 1 July 1 Type of Inventory Snare (bags) Gumm (pounds) April 1 15,000 8.000 18,000 9.000 10.000 13,000 14.000 20.000 25.000 Tarr (pounds 4. 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 $175,000 per quarter. Interest expense is $100.000. Income taxes are expected to be 20% of income before income taxes. 6. 7. 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 $297.000 in quarter 1 and $439.500 in quarter 2 (Note: Do not prepare the manufacturing overhead budget or the direct materials budget for Tare)