Can you please include the formulas on how to find each thing?

Prepare budgeted income statement and supporting budgets. 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 2017 1. Sales: quarter 1, 40,000 bags; quarter 2, 56,000 bags. Selling price is $60 per bag. 2. Direct labor: direct labor time is 15 minutes per bag at an hourly rate of $16 per hour. 3. Direct Materials cost per bag of Snare is $24.20 5. Selling and administrative expenses are expected to be 15% of sales plus fixed expenses of $175,000 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 the manufacturing overhead budget shows expected costs to be 125% of direct labor cost. Inventory facts: Type of Inventory Snare (bags) Remember that beginning inventory in a period is equal to the ending inventory in the prior period nstructions Prepare the budgeted multi-step income statement for the first 6 months and all required operating budgets by quarters. (Note: Use variable and fixed in the selling and administrative expense budget.) Do not prepare the manufacturing overhead budget or the direct materials budget for Tarr. 8,000 18,000