Problem 23-1A (Part Level Submission) Glendo 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 2014. X2-Sales: Quarter 1, 28,700 bags; quarter2.42.200 bags. Selling price is $62per bag Direct materials: Each bag of Snare requires 4 pounds of Gumm at a cost of $4 per pound and 8 pounds of Tarr at $1.50 per pound 3. Desired inventory levels: Snare (bags) Gumm (pounds) Tarr (pounds) 12,300 10,200 14,40020,200 8,300 9,300 18,100 13,400 25,400 4. Direct labor: Direct labor time is 15 minutes per bag at an hourly rate of $14 per hour. 5. Selling and administrative expenses are expected to be 15% of sales plus $178,000 per quarter. 6. Income taxes are expected to be 30% of income from operations. Your assistant has prepared two budgets: (1) The manufactunng overhead budget shows expected costs to be 150% of direct labor cost. (2) The direct materials budget for Tarr shows the cost of Tarr purchases to be $302,000 in quarter 1 and $425,000 in quarter 2. LINK TO TEXT LINK TO TEXT LINK TO VIDEO Prepare the sales budget. GLENDO FARM SUPPLY COMPANY Sales Budget For the Six Months Ending June 30, 2014 Six Months Expected unit sales Unit selling price Total sales Prepare the production budget. GLENDO FARM SUPPLY COMPANY Production Budget For the Six Months Ending June 30, 2014 Six