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FULL SCREEN PRINTER VERSION BACK Question Tilger Farm Supply Company manufactures and sells a fertilizer called Share. The following data are available for preparing budgets for Share for the first two quarters of 2020. 1. Sales: Quarter 1, 27,000 bags: quarter 2, 40,000 bags. Selling price is $57 per bag 2. Direct materials: Each bag of Snare requires 4 kg of Gurm at 54 per kilogram and 6 kg of Tart at $1.50 per kilogram. 3. Desired Inventory levels: Type of Inventory January 1 April 1 July 1 Snare (bags) 9,000 13,000 19,000 Guri (kg) 10,000 10,000 13,000 Tant (kg) 12,000 21,000 25,000 4. Direct labour: Direct labour time is 15 minutes per bag at an hourly rate of $16 per hout 5. The company expects selling and administrative expenses to be 15% of sales plus 5174,000 per quarter. 6. It expects income taxes to be of income from operations Your assistant has prepared two budgets: (1) The manufacturing overhead budget shows expected costs to be 150% of direct labour cost. (2) The direct material budget for Tart shows the cost of Tarr parchases to be $296,000 in Quarter 1 and 5438,000 in quarter 2 Prepare the following operating budgets by quarters. (Note: Gasstems as variable and fed in the wing and administrative expenses budget) Do not prepare the manufacturing overhead budget or the direct materials budget for Tart Prepare the selling and administrative expense budget by quarters. TILGER FARM SUPPLY COMPANY Selling and Administrative Expenses Budget For the Six Months Ending June 30, 2020 Quarter 2 Six Months $ $ $ $ $ $ $ Prepare the budgeted income statement for the first six months. (Pound per unit calculation to deal place. 0.25 and find answers to decimal places, e.g. 125.) TILGER FARM SUPPLY COMPANY Budgeted Income Statement For the Six Months Ending June 30, 2020 : . $