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Current Attempt in Progress 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. Sales: quarter 1, 28,400 bags; quarter 2, 43,800 bags. Selling price is $61 per bag. Direct materials: each bag of Snare requires 4 pounds of War a cost of $3.80 per pound and 6 pounds of Imat $1.50 per pound. 3. Desired inventory levels: flue of Inventory: January 1 April 1 July 1 Snare (bags) 3,500 12,100 18,100 Qumwounds) 9,300 10,500 13,100 Im(pounds) 14,200 20,100 25,100 4. Direct labor: direct labor 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. 7. Income taxes are expected to be 30% 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 Ian, shows the cost of Ian; purchases to be $301,000 in quarter 1 and $427,500 in quarter 2. (Note: Do not prepare the manufacturing overhead budget or the direct materials budget for 1355.) Prepare the sales budget. COOK FARM SUPPLY COMPANY Sales Budget choose the accounting period Quarter Six 2 Months Expe cted enter a number of units enter a number of units enter a number of units unit sales Unit sellin $enter a dollar Senter a dollar Senter a dollar g amount amount amount price Total $enter a total dollar $enter a total dollar Senter a total dollar sales amount amount amount Prepare the production budget. COOK FARM SUPPLY COMPANY Production Budget choose the accounting period Quarter Six 2 Months select an opening production budget enter a enter a number of item number of units units select between addition and deduction enter a enter a number of number of : select a production budget units units item enter a total enter a total select a summarizing line for the first number of number of part units for the units for the first part first partselect between addition and deduction I :I" : select a production budget item | - select a closing production budget item | - W and Media enter a number of units enter a total number of units _| enter a number of units enter a total number of units _| enter a total number of units Prepare the direct materials budget. (Round Cost per pound answers to 2 decimal places, gr]: 52. 70.) COOK FARM SUPPLY COMPANY Direct Materials BudgetGumm _| El choose the accounting period select an opening direct materials budget item I select an item select a summarizing line for the rst part select between addition and deduction Quarter 1 2 enter a number enter a number of units of units enter the enter the amaunt of amount of pounds pounds enter a total enter a total amOunt of amount of pounds for the pounds for the rst part rst part enter the enter the amaunt of amount of Months I :I' : select an item 1%- . . . enter a total enter a total 222:: d1 Summanzmg lme for the amount of amount of pounds for the pounds for the part I second part second part select between addition and deduction enter the enter the lLl' amount of amount of , ' select an ounds ounds item lL lL enter a total enter a total select a Summarizing line for the third amount of amount of art pounds for the pounds for the I third part third part select an $enter a dollar $enter a dollar item amount I E 5, I select a closing direct materials $enter a total $enter a total 3mg; budget dollar dollar d llar item amount amount 0 amount I _|J: Prepare the direct labor budget. (Enter Direct labor time per unit in proportion to hours, a for 45 minutes the proportion wiii be 0.75.) i COOK FARM SUPPLY COMPANY Direct Labor Budget choose the accounting period Quarter Six 1 2 Months select an opening labor budget enter a number enter a number item of units of units lII select a labor budget item I select a summarizing line for the rst I art select a labor budget item I select a closing labor budget item enter a number 1% enter a total number of hours for the rst art 1 l $enter a dollar amount $enter a total enter a number 1% enter a total number of hours for the rst art $enter a dollar amount l $enter a total dollar amount Prepare the selling and administrative expense budget. COOK FARM SUPPLY COMPANY Selling and Administrative Expense Budget $enter a total dollar amount =' =' choose the accounting period select an item l select an item l select a closing budget item I j, W and Media l $enter a dollar amount l enter a dollar E9 3 g phi-'0 as o as 5. amount l | Quarter 1 2 enter a total enter a total number of units number of units $enter a dollar amount I enter a dollar amount I $enter a total dollar amount I Six Months enter a total number of units l $enter a dollar amount l enter a dollar is 3 g phi-'0 as 0 as 5. amount l 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, e.g. 1,255.) COOK FARM SUPPLY COMPANY Budgeted Income Statement choose the accounting period select an income statement $enter a dollar item amount select an income statement item enter a dollar amount select a summarizing line for the first enter a total amount for the part first part select an income statement iten enter a dollar amount select a summarizing line for the second enter a total amount for the part second part select an income statement enter a dollar amount item select a summarizing line for the third enter a total amount for the part third part select an income statement enter a dollar amount item select a closing name for the budgeted income $enter a total net income or statement loss amount