Sheridan 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 563 per bag. 2. Direct materials: each bage of Snare requires 5 pounds of Gumm at a cost of $4 per pound and 6 pounds of Tarr at $1.75 per pound. 3. Desired impentory levels: 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 $176,000 per quarter 6. Interest expense is $100,000. 7. Income tawes are expected to be 20% of income before income taves: 7. Income taxes are expected to be 20% of income before income tawes 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 $300,000 in quarter 1 and $422,500 in quarter 2. (Note: Do not prepare the manufacturing overhead budget or the direct materials budget for Tarr) Prepare the sales budget. Prepare the production budget Prepare the production budget For the Six Months Ending June 30,2022 Quarter eTextbook and Media Attempts: unlimited Prepare the direct labor budget. (Enter Direct labor time per unit in proportion to hours, e.g. for 45 minutes the proportion will be 0.75.) Prepare the selling and administrative expense budget. Prepare the direct labor budget. (Enter Direct labor time per unit in proportion to hours, eg. for 45 minutes the proportion will be 0.75 .) Prepare the selling and administrative expense budget: SHERIDAN FARM SUPPLY COMPANY Selling and Administrative Expense Budget For the Six Months Ending June 30, 2022 : eTextbook and Media SHERIDAN FARM SUPPLY COMPANY Selling and Administrative Expense Budget For the Six Months Ending June 30, 2022 : Prepare the budgeted multiple-step income statement for the first 6 months. (Round intermediate calculations to 2 decimal places and final onswer to 0 decimal places, es. 1.255.) Sheridan 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 563 per bag. 2. Direct materials: each bage of Snare requires 5 pounds of Gumm at a cost of $4 per pound and 6 pounds of Tarr at $1.75 per pound. 3. Desired impentory levels: 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 $176,000 per quarter 6. Interest expense is $100,000. 7. Income tawes are expected to be 20% of income before income taves: 7. Income taxes are expected to be 20% of income before income tawes 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 $300,000 in quarter 1 and $422,500 in quarter 2. (Note: Do not prepare the manufacturing overhead budget or the direct materials budget for Tarr) Prepare the sales budget. Prepare the production budget Prepare the production budget For the Six Months Ending June 30,2022 Quarter eTextbook and Media Attempts: unlimited Prepare the direct labor budget. (Enter Direct labor time per unit in proportion to hours, e.g. for 45 minutes the proportion will be 0.75.) Prepare the selling and administrative expense budget. Prepare the direct labor budget. (Enter Direct labor time per unit in proportion to hours, eg. for 45 minutes the proportion will be 0.75 .) Prepare the selling and administrative expense budget: SHERIDAN FARM SUPPLY COMPANY Selling and Administrative Expense Budget For the Six Months Ending June 30, 2022 : eTextbook and Media SHERIDAN FARM SUPPLY COMPANY Selling and Administrative Expense Budget For the Six Months Ending June 30, 2022 : Prepare the budgeted multiple-step income statement for the first 6 months. (Round intermediate calculations to 2 decimal places and final onswer to 0 decimal places, es. 1.255.)