Foodie's Supply Company manufactures and sells a pesticide called Snare. The following data are available for...

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Foodie's 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 2030. 1. Sales: 1. Expected units sales are: 10,000 bags for quarter 1 and quarter 2's sale is going to increase by 10% of the quarter 1's sale. 2. Selling price is $50 per bag. 2. Cost of each bag is $20. 3. Desired inventory levels are: 1. January 1 (Beginning of Quarter 1), 2,000 bags 2. April 1 (Beginning of Quarter 2), 2,500 bags 3, July 1 (Beginning of Quarter 3), 3,000 bags. 4. HINT: Ending inventory in one period becomes beginning inventory in the following period. In other words, your beginning inventory for one period was ending inventory for the previous period. 4. Selling and administrative expenses are expected to be 10% of sales revenue plus $30,000 per quarter. 5. Interest expense is $100,000 and income taxes are expected to be 25% of income before income taxes. Prepare the budgeted multiple-step income statement for the first 6 months (first two quarters). • When typing your responses for amounts, do NOT include a dollar sign. For example, if your answer is $10,000, you should be typing 10,000 or 10,000.00 without any dollar sign. Budgeted Income Statement Foodie's Supply Company • When typing your responses for amounts, do NOT include a dollar sign. For example, if your answer is $10,000, you should be typing 10,000 or 10,000.00 without any dollar sign. Budgeted Income Statement Foodie's Supply Company Income Statement For the Six Months Ending June 30, 2030 Sales Revenue $ Cost of Goods Sold Gross Profit Selling and Administrative Expenses Income from Operations Interest Expense Income before Income Tax Income Tax Expense Net Income / (Loss) %24 %24 %24 %24 %24 %24 %24 Foodie's 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 2030. 1. Sales: 1. Expected units sales are: 10,000 bags for quarter 1 and quarter 2's sale is going to increase by 10% of the quarter 1's sale. 2. Selling price is $50 per bag. 2. Cost of each bag is $20. 3. Desired inventory levels are: 1. January 1 (Beginning of Quarter 1), 2,000 bags 2. April 1 (Beginning of Quarter 2), 2,500 bags 3, July 1 (Beginning of Quarter 3), 3,000 bags. 4. HINT: Ending inventory in one period becomes beginning inventory in the following period. In other words, your beginning inventory for one period was ending inventory for the previous period. 4. Selling and administrative expenses are expected to be 10% of sales revenue plus $30,000 per quarter. 5. Interest expense is $100,000 and income taxes are expected to be 25% of income before income taxes. Prepare the budgeted multiple-step income statement for the first 6 months (first two quarters). • When typing your responses for amounts, do NOT include a dollar sign. For example, if your answer is $10,000, you should be typing 10,000 or 10,000.00 without any dollar sign. Budgeted Income Statement Foodie's Supply Company • When typing your responses for amounts, do NOT include a dollar sign. For example, if your answer is $10,000, you should be typing 10,000 or 10,000.00 without any dollar sign. Budgeted Income Statement Foodie's Supply Company Income Statement For the Six Months Ending June 30, 2030 Sales Revenue $ Cost of Goods Sold Gross Profit Selling and Administrative Expenses Income from Operations Interest Expense Income before Income Tax Income Tax Expense Net Income / (Loss) %24 %24 %24 %24 %24 %24 %24

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