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Question 9 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 2020. 1. Sales: quarter 1, 29,400 bags: quarter 2, 42,600 bags. Selling price is $63 per bag 2. Direct materials: each bag of Snare requires 4 pounds of Gumm at a cost of $3.80 per pound and 6 pounds of Tarr at $1.75 per pound. 3. Desired Inventory levels: Type of Inventory January 1 April 1 July 1 Snare (bags) 8,100 12,200 18,100 Gumm (pounds) 9,500 10,100 13,200 Tarr (pounds) 14,200 20,500 25,400 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 $179,000 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 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 Tare purchases to be $301,000 in quarter i and $426,500 in quarter 2. (Note: Do not prepare the manufacturing overhead budget or the direct materials budget for Torr.) Prepare the sales budget. COOK FARM SUPPLY COMPANY Sales Budget For the Six Months Ending June 30, 2020 Quarter 2 Expected Unit Sales 29400 42600 Six Months Unit Selling Price 63 63 63 Total Sales 1852200 2683800 Prepare the production budget. COOK FARM SUPPLY COMPANY Production Budget Quarter 2 Six Months 1 Cost per Pound 29400 42600 Add 4 Click if you would like to Show Work for this question: Open Show Work