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Problem 24-01A a-c (Part Level Submission) (Video) 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, 28,000 bags; quarter 2, 43,000 bags. Selling price is $61 per bag. 2. Direct materials: each bag of Snare requires 5 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 Snare (bags) Gumm (pounds) Tarr (pounds) January 1 8,100 9,200 14,400 April 1 12,400 10,400 20,300 July 1 18,400 13,500 25,300 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 $177,000 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 Tarr purchases to be $302,000 in quarter 1 and $427,500 in quarter 2. (Note: Do not prepare the manufacturing overhead budget or the direct materials budget for Tarr.) (a) Your answer is correct. Prepare the sales budget. COOK FARM SUPPLY COMPANY Sales Budget For the Six Months Ending June 30, 2020 Quarter Six 2 Months 171000 Expected Unit Sales 28000 43000 Unit Selling Price Total Sales 70800 2623000 4331000 Prepare the production budget. COOK FARM SUPPLY COMPANY Production Budget For the Six Months Ending June 30, 2020 Six Months Quarter 2 28000 43000 Expected Unit Sales Add Desired Ending Finished Goods Units 224001 124001 18400 Total Required Units Beginning Finished Goods Units 40400 T 81001 32300 61400 12400 49000 Required Production Units 1 81300 I TNK TO TEYT TNK TO TEYT ( 2 decimal 52.0) und es w e COOKPARK SUPPLY COMPANY Direct M e dia per the direct bow but ter Direct labert per unit in proportion te hours, for 45 minutes the properties will be COOK PAR SUPPLY COMPANY Direct Labor Budget rathwadada budu COOK PARM SUPPLY COMPANY welling und Administrative Expo Budget