prepare a budgeted multi step income for the first six months

The Due date of the assignment is on Monday May 15th,2023 via blackboard Cook Farm Supply Company manufactures and sells a pesticide called Snare. The following data are available for preparing budgets for Snare for the first quarters of 2017. 1. Sales: quarter 1,45,000 bags; quarter 2,56,000 bags. Selling price is $65 per bag. 2. Direct materials: each bag of Snare requires 5 pounds of Gumm at a cost of $3.8 per pound. 3. Desired Inventory levels: 4. Direct labor: direct labor time is 15 minutes per bag at an hourly rate of $17 per hour. 5. Selling and administrative expenses are expected to be 15% of sales plus $185,000 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 and found the expected costs to be 125% of direct labor cost. Prepare the budgeted multiple-step income statement for the first 6 months and all required operating budgets by quarter. (Note: Use variable and fixed in the selling and administrative expense budget.) (Use Microsoft Excel when solving the above problem)