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. 1. Sales quarter 1,28,600 bags; quarter 2,42,600 bags. Selling price is $62 per bag. 2. Direct materials: each bag of Snare requires 4 pounds of Gumm at a cost of $4 per pound and 6 pounds of Tarr at $1.50 per pound. 3. Desired inventory levels: 4. Direct labor direct fabor 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 $177,000 per quarter. 6. Interest expense is $100,000. 6. Interest expense is $100,000. 7. Income taxes are expected to be 20% 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 $299,000 in quarter 1 and $425,500 in quarter 2. (Note Do not prepare the manufacturing overhead budget or the direct materials budget for Tarr). Prepare the budgeted multiple-step income statement for the first 6 months. (Round intermediote calculations to 2 decime places and final answer to 0 decimal places, e.g. 1,255.) PHAROAH FARM SUPPLY COMPANY Sales Budget For the Six Months Ending June 30,2022 PHAROAH FARM SUPPLY COMPANY Production Budget For the Six Months Ending June 30,2022 Quarter 2 Expected Unit Sales Add =: Total Required Units 1sis Bebinning Finished Goods Units Required Production Units Quarter PHAROAH FARM SUPPLY COMPANY Direct Labor Budget For the Six Months Ending June 30,2022% Quarter PHAROAH FARM SUPPLY COMPANY Selling and Administrative Expense Budget For the Six Months Ending June 30, 2022 * Quarter Budgeted Sales in Units Variable Expenses $265,980 $ Fixed Expenses Total Selling and Administrative Expenses *