Pharoah 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 $2022.$

Sales: quarter $1,29,400$ bag; quarter $2,42,600$ bags. Selling price is $$63$ per bag.

Direct materials: each bag of Snare requires $4$ pounds of Gumm at a cost of $$4$ per pound and $6$ pounds of Tarr at $$1\mathrm{.}75$ per

pound.

Desired inwentory levels:

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 $$179,000$ per quarter.

Interest expense is $$100,000.$

Income taxes are expected to be $20\%$ of income before income tanes$.$

Your assistant has prepared two budgets: $(1)$ the manufacturing overhead budget shaws 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 $$301,000$ in quarter $1$ and $$426,500$ in

guarter $2.$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, eg$.1,255.$

PHAROAH FARM SUPPLY COMPANY

Budgeted Income Statement

For the Stx Manths Ending June $30,2022$

Cost of Gook Sold

Selling and Administrative Experses

Income from Operations

Income Before Income Tax

Income Tax Expense

$[$