need help computing cost of good sold for the income statement.

Question 7 of 15 0.96 / 1.07 E 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. 2 Sales: quarter 1.29,800 bags, quarter 2. 42.400 bags. Selling price is 562 per bag. Direct materials: each bag of Snare requires 4 pounds of Gummat a cost of $3.80 per pound and 6 pounds of Tarrat $1.50 per pound Desired inventory levels 3. Type of Inventory January 1 April 1 July 1 Snare (bags) 8.300 12.400 18.100 Gumm (pounds 9.300 10,500 13.300 Tarr (pounds 14.300 20.400 25.400 Type here to cash Question 7 of 15 UVU 0.96 / 1.07 E 1 LULU Tarr (pounds) 14.300 20,400 25.400 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 $178.000 per quarter Interest expense is $100,000. Income taxes are expected to be 30% 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 Tare shows the cost of Tarr purchases to be 5300,000 Inquarter and $426,500 in quarter 2 (Note: Do not prepare the manufacturing overhead budget or the direct materials budget for Tare 21 PM e E E 9 De Here to search Question 7 of 15 Sales $ 4476400 Cost of Goods Sold 2037040 Gross Profit 2439360 Selling and Administrative Expenses 1027460 Income from Operations 141900 interest Expense 100000 Income Before Income 131900 Income Tax pense 393570 Net Income 1830 eTextbook and Media ch BO e Question 7 of 15 0.96 / 1.07 COOK FARM SUPPLY COMPANY Direct Labor Budget For the Six Months Ending June 30, 2020 Quarter 1 2 Six Months Produced 33900 48100 Time Hours) per Unit 25 25 ed Direct Labor Hours 8475 12025 r Cost per Hour S 16 s 16 135600 $ 192400 s 5 Labor Cost 328000 Prepare the selling and administrative expense budget 33900 48100