Sheffield Farm Supply Company manufactures and sells a fertilizer called Snare. The following data are available for preparing budgets for Snare for the first two quarters of 2022. 1 Sales: Quarter 1, 30.000 bags: quarter 2,44,000 bags. Selling price is $58 per bag, 2. Direct materials: Each bag of Snare requires 4 kg of Gummat $4.00 per kilogram and 6 kg of Tarrat $1.50 per kilogram. 3. Desired inventory levels: July 1 Type of Inventory January 1 Snare (bags) 7,000 Gumm (kg) 10,000 Tarrike 15,000 April 1 13,000 9,000 17,000 12.000 21.000 26.000 4. Direct labour: Direct labour time is 15 minutes per bag at an hourly rate of $12.00 per hour. 5. The company expects selling and administrative expenses to be 15% of sales plus $177,000 per quarter. It expects income taxes to be 30% 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 materials budget for Tarr shows the cost of Tarr purchases to be $296,000 in quarter 1 and $435,000 in quarter 2 Prepare the following operating budgets by quarters. (Note: Classify items as variable and fixed in the selling and administrative expenses budget. Do not prepare the manufacturing overhead budget or the direct materials budget for Tarr. Prepare the direct materials budget by quarters SHEFFIELD FARM SUPPLY COMPANY Direct Materials Budget-Gumm For the Six Months Ending June 30, 2022 Quarter 2 Six Monti Units to be produced Direct materials per unit Total cost of materials purchases Desired ending inventory Direct materials purchases Total materials required $ $ Cost per kilogram Beginning inventory Total required for production $ $ Sheffield Farm Supply Company manufactures and sells a fertilizer called Snare. The following data are available for preparing budgets for Snare for the first two quarters of 2022 1. Sales: Quarter 1. 30,000 bags: quarter 2,44,000 bags Selling price is $58 per bag. 2. Direct materials: Each bag of Snare requires 4 kg of Gumm at $4.00 per kilogram and 6 kg of Tarr at $1.50 per kilogram 3. Desired inventory levels: January 1 July 1 Type of Inventory Share (bag) Gumm (ks) April 1 13,000 7.000 17.000 10,000 9.000 12.000 Tarr (kg) 15,000 21,000 26,000 4. Direct labour: Direct labour time is 15 minutes per bag at an hourly rate of $12.00 per hour 5 The company expects selling and administrative expenses to be 15% of sales plus $177,000 per quarter. 6. It expects income taxes to be 30% 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 materials budget for Tarr shows the cost of Tarr purchases to be $295,000 in quarter 1 and $435,000 in quarter 2. Prepare the following operating budgets by quarters. (Note: Classify items as variable and hxed in the selling and administrative expenses budget) Do not prepare the manufacturing overhead budget or the direct materials budget for Tarr Sheffield Farm Supply Company manufactures and sells a fertilizer called Snare. The following data are available for preparing budgets for Snare for the first two quarters of 2022. 1. Sales: Quarter 1,30,000 bags: quarter 2,44,000 bags. Selling price is $58 per bag 2. Direct materials: Each bag of Snare requires 4 kg of Gumm at $4.00 per kilogram and 6 kg of Tarrat 51.50 per kilogram. 3. Desired inventory levels: Type of Inventory January 1 April 1 July 1 Snare (bags) 7.000 13,000 17.000 Gumm (kg) 10.000 9.000 12,000 Tarek 15,000 21.000 26,000 4. Direct labour: Direct labour time is 15 minutes per bag at an hourly rate of $12.00 per hour, 5. The company expects selling and administrative expenses to be 15% of sales plus $177,000 per quarter, It expects income taxes to be 30% 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 materials budget for Tarr shows the cost of Tarr purchases to be $296,000 in quarter 1 and 5435.000 in quarter 2 Prepare the following operating budgets by quarters. (Note: Classify items as variable and fixed in the selling and administrative expenses budget.) Do not prepare the manufacturing overhead budget or the direct materials budget for Tan Prepare the direct materials budget by quarters. SHEFFIELD FARM SUPPLY COMPANY Direct Materials Budget-Gumm For the Six Months Ending June 30, 2022 Quarter 1 2 $ $ $ $ Sheffield Farm Supply Company manufactures and sells a fertilizer called Snare. The following data are available for preparing budgets for Snare for the first two quarters of 2022. 1 Sales: Quarter 1, 30.000 bags: quarter 2,44,000 bags. Selling price is $58 per bag, 2. Direct materials: Each bag of Snare requires 4 kg of Gummat $4.00 per kilogram and 6 kg of Tarrat $1.50 per kilogram. 3. Desired inventory levels: July 1 Type of Inventory January 1 Snare (bags) 7,000 Gumm (kg) 10,000 Tarrike 15,000 April 1 13,000 9,000 17,000 12.000 21.000 26.000 4. Direct labour: Direct labour time is 15 minutes per bag at an hourly rate of $12.00 per hour. 5. The company expects selling and administrative expenses to be 15% of sales plus $177,000 per quarter. It expects income taxes to be 30% 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 materials budget for Tarr shows the cost of Tarr purchases to be $296,000 in quarter 1 and $435,000 in quarter 2 Prepare the following operating budgets by quarters. (Note: Classify items as variable and fixed in the selling and administrative expenses budget. Do not prepare the manufacturing overhead budget or the direct materials budget for Tarr. Prepare the direct materials budget by quarters SHEFFIELD FARM SUPPLY COMPANY Direct Materials Budget-Gumm For the Six Months Ending June 30, 2022 Quarter 2 Six Monti Units to be produced Direct materials per unit Total cost of materials purchases Desired ending inventory Direct materials purchases Total materials required $ $ Cost per kilogram Beginning inventory Total required for production $ $ Sheffield Farm Supply Company manufactures and sells a fertilizer called Snare. The following data are available for preparing budgets for Snare for the first two quarters of 2022 1. Sales: Quarter 1. 30,000 bags: quarter 2,44,000 bags Selling price is $58 per bag. 2. Direct materials: Each bag of Snare requires 4 kg of Gumm at $4.00 per kilogram and 6 kg of Tarr at $1.50 per kilogram 3. Desired inventory levels: January 1 July 1 Type of Inventory Share (bag) Gumm (ks) April 1 13,000 7.000 17.000 10,000 9.000 12.000 Tarr (kg) 15,000 21,000 26,000 4. Direct labour: Direct labour time is 15 minutes per bag at an hourly rate of $12.00 per hour 5 The company expects selling and administrative expenses to be 15% of sales plus $177,000 per quarter. 6. It expects income taxes to be 30% 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 materials budget for Tarr shows the cost of Tarr purchases to be $295,000 in quarter 1 and $435,000 in quarter 2. Prepare the following operating budgets by quarters. (Note: Classify items as variable and hxed in the selling and administrative expenses budget) Do not prepare the manufacturing overhead budget or the direct materials budget for Tarr Sheffield Farm Supply Company manufactures and sells a fertilizer called Snare. The following data are available for preparing budgets for Snare for the first two quarters of 2022. 1. Sales: Quarter 1,30,000 bags: quarter 2,44,000 bags. Selling price is $58 per bag 2. Direct materials: Each bag of Snare requires 4 kg of Gumm at $4.00 per kilogram and 6 kg of Tarrat 51.50 per kilogram. 3. Desired inventory levels: Type of Inventory January 1 April 1 July 1 Snare (bags) 7.000 13,000 17.000 Gumm (kg) 10.000 9.000 12,000 Tarek 15,000 21.000 26,000 4. Direct labour: Direct labour time is 15 minutes per bag at an hourly rate of $12.00 per hour, 5. The company expects selling and administrative expenses to be 15% of sales plus $177,000 per quarter, It expects income taxes to be 30% 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 materials budget for Tarr shows the cost of Tarr purchases to be $296,000 in quarter 1 and 5435.000 in quarter 2 Prepare the following operating budgets by quarters. (Note: Classify items as variable and fixed in the selling and administrative expenses budget.) Do not prepare the manufacturing overhead budget or the direct materials budget for Tan Prepare the direct materials budget by quarters. SHEFFIELD FARM SUPPLY COMPANY Direct Materials Budget-Gumm For the Six Months Ending June 30, 2022 Quarter 1 2 $ $ $ $