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, 29,800 bags; quarter 2, 42,400 bags. Selling price is $62 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 $1.50 per pound.3.Desired inventory levels:
Type of InventoryJanuary 1April 1July 1Snare (bags)8,10012,10018,100Gumm (pounds)9,50010,30013,100Tarr (pounds)14,10020,10025,200
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 Tarr purchases to be $303,000 in quarter 1 and $422,500 in quarter 2.(Note: Do not prepare the manufacturing overhead budget or the direct materials budget for Tarr.)Prepare the sales budget.COOK FARM SUPPLY COMPANYSales Budgetchoose the accounting period June 30, 2020For the Six Months Ending June 30, 2020For the Quarter Ending June 30, 2020QuarterSixMonths12Expected unit salesenter a number of unitsenter a number of unitsenter a number of unitsUnit selling price$enter a dollar amount $enter a dollar amount $enter a dollar amount Total sales$enter a total dollar amount $enter a total dollar amount $enter a total dollar amount Prepare the production budget.
COOK FARM SUPPLY COMPANYProduction Budgetchoose the accounting period For the Quarter Ending June 30, 2020For the Six Months Ending June 30, 2020June 30, 2020QuarterSixMonths12select an opening production budget item Cost per PoundBeginning Direct MaterialsDesired Ending Direct MaterialsDirect Materials per UnitTotal Required UnitsDirect Labor Cost per HourDirect Labor Time per UnitBeginning Finished Goods UnitsTotal Materials RequiredRequired Production UnitsTotal Required Direct Labor HoursDirect Materials PurchasesExpected Unit SalesDesired Ending Finished Goods UnitsTotal Cost of Direct Materials PurchasesTotal Pounds Needed for ProductionTotal Direct Labor Costenter a number of unitsenter a number of unitsselect between addition and deduction AddLess: select a production budget item Desired Ending Direct MaterialsDirect Materials per UnitRequired Production UnitsTotal Required UnitsBeginning Direct MaterialsDirect Labor Time per UnitTotal Required Direct Labor HoursTotal Cost of Direct Materials PurchasesCost per PoundTotal Direct Labor CostTotal Pounds Needed for ProductionDirect Labor Cost per HourDirect Materials PurchasesExpected Unit SalesTotal Materials RequiredDesired Ending Finished Goods UnitsBeginning Finished Goods Unitsenter a number of unitsenter a number of unitsselect a summarizing line for the first part Total Direct Labor CostDirect Materials PurchasesTotal Pounds Needed for ProductionDesired Ending Finished Goods UnitsTotal Required UnitsDirect Labor Cost per HourDesired Ending Direct MaterialsExpected Unit SalesTotal Cost of Direct Materials PurchasesTotal Required Direct Labor HoursCost per PoundTotal Materials RequiredDirect Materials per UnitDirect Labor Time per UnitBeginning Direct MaterialsBeginning Finished Goods UnitsRequired Production Unitsenter a total number of units for the first partenter a total number of units for the first partselect between addition and deduction AddLess: select a production budget item Required Production UnitsBeginning Direct MaterialsExpected Unit SalesTotal Materials RequiredTotal Pounds Needed for ProductionDirect Labor Time per UnitDesired Ending Finished Goods UnitsDirect Materials per UnitDirect Labor Cost per HourTotal Required UnitsCost per PoundTotal Required Direct Labor HoursTotal Direct Labor CostBeginning Finished Goods UnitsDirect Materials PurchasesDesired Ending Direct MaterialsTotal Cost of Direct Materials Purchasesenter a number of unitsenter a number of unitsselect a closing production budget item Total Required UnitsTotal Materials RequiredTotal Cost of Direct Materials PurchasesTotal Pounds Needed for ProductionDirect Materials PurchasesDirect Labor Time per UnitDesired Ending Finished Goods UnitsDirect Materials per UnitExpected Unit SalesDirect Labor Cost per HourBeginning Direct MaterialsTotal Direct Labor CostBeginning Finished Goods UnitsCost per PoundDesired Ending Direct MaterialsRequired Production UnitsTotal Required Direct Labor Hoursenter a total number of unitsenter a total number of unitsenter a total number of unitseTextbook and MediaPrepare the direct materials budget. (Round Cost per pound answers to 2 decimal places, e.g. 52.70.)COOK FARM SUPPLY COMPANYDirect Materials Budget—Gummchoose the accounting period June 30, 2020For the Quarter Ending June 30, 2020For the Six Months Ending June 30, 2020QuarterSixMonths12select an opening direct materials budget item Direct Materials PurchasesTotal Required UnitsDirect Labor Time (Hours) per UnitDesired Ending Finished Goods UnitsExpected Unit SalesBeginning Finished Goods UnitsDirect Labor Cost per HourBeginning Direct Materials (Pounds)Desired Ending Direct Materials (Pounds)Cost per PoundUnits to be ProducedTotal Required Direct Labor HoursTotal Cost of Direct Materials PurchasesTotal Materials RequiredTotal Pounds Needed for ProductionTotal Direct Labor CostDirect Materials per Unitenter a number of unitsenter a number of unitsselect an item Desired Ending Finished Goods UnitsTotal Direct Labor CostDirect Labor Cost per HourTotal Required UnitsTotal Required Direct Labor HoursBeginning Direct Materials (Pounds)Beginning Finished Goods UnitsTotal Materials RequiredDirect Labor Time (Hours) per UnitTotal Cost of Direct Materials PurchasesDesired Ending Direct Materials (Pounds)Total Pounds Needed for ProductionExpected Unit SalesDirect Materials per UnitUnits to be ProducedCost per PoundDirect Materials Purchasesenter the amount of poundsenter the amount of poundsselect a summarizing line for the first part Direct Labor Time (Hours) per UnitTotal Materials RequiredDesired Ending Direct Materials (Pounds)Direct Materials per UnitTotal Required Direct Labor HoursCost per PoundBeginning Finished Goods UnitsDesired Ending Finished Goods UnitsTotal Direct Labor CostExpected Unit SalesTotal Required UnitsTotal Cost of Direct Materials PurchasesUnits to be ProducedTotal Pounds Needed for ProductionDirect Materials PurchasesBeginning Direct Materials (Pounds)Direct Labor Cost per Hourenter a total amount of pounds for the first partenter a total amount of pounds for the first partselect between addition and deduction AddLess: select an item Total Direct Labor CostTotal Materials RequiredTotal Required Direct Labor HoursDirect Labor Time (Hours) per UnitDirect Materials per UnitDesired Ending Direct Materials (Pounds)Direct Labor Cost per HourExpected Unit SalesTotal Cost of Direct Materials PurchasesTotal Pounds Needed for ProductionBeginning Finished Goods UnitsDirect Materials PurchasesTotal Required UnitsDesired Ending Finished Goods UnitsUnits to be ProducedCost per PoundBeginning Direct Materials (Pounds)enter the amount of poundsenter the amount of poundsselect a summarizing line for the second part Total Cost of Direct Materials PurchasesBeginning Direct Materials (Pounds)Total Direct Labor CostDesired Ending Direct Materials (Pounds)Total Materials RequiredExpected Unit SalesTotal Pounds Needed for ProductionDirect Labor Cost per HourDesired Ending Finished Goods UnitsDirect Materials PurchasesTotal Required Direct Labor HoursBeginning Finished Goods UnitsDirect Labor Time (Hours) per UnitCost per PoundDirect Materials per UnitTotal Required UnitsUnits to be Producedenter a total amount of pounds for the second partenter a total amount of pounds for the second partselect between addition and deduction AddLess: select an item Direct Materials per UnitDirect Labor Time (Hours) per UnitTotal Direct Labor CostTotal Cost of Direct Materials PurchasesTotal Required Direct Labor HoursBeginning Direct Materials (Pounds)Total Pounds Needed for ProductionCost per PoundDirect Materials PurchasesTotal Materials RequiredDesired Ending Finished Goods UnitsDesired Ending Direct Materials (Pounds)Expected Unit SalesBeginning Finished Goods UnitsTotal Required UnitsDirect Labor Cost per HourUnits to be Producedenter the amount of poundsenter the amount of poundsselect a summarizing line for the third part Expected Unit SalesDirect Labor Cost per HourDirect Materials per UnitCost per PoundTotal Materials RequiredTotal Pounds Needed for ProductionTotal Required Direct Labor HoursTotal Direct Labor CostTotal Cost of Direct Materials PurchasesBeginning Direct Materials (Pounds)Direct Materials PurchasesDesired Ending Finished Goods UnitsUnits to be ProducedDesired Ending Direct Materials (Pounds)Direct Labor Time (Hours) per UnitTotal Required UnitsBeginning Finished Goods Unitsenter a total amount of pounds for the third partenter a total amount of pounds for the third partselect an item Units to be ProducedDirect Materials PurchasesDesired Ending Finished Goods UnitsBeginning Finished Goods UnitsExpected Unit SalesDesired Ending Direct Materials (Pounds)Total Materials RequiredTotal Cost of Direct Materials PurchasesBeginning Direct Materials (Pounds)Total Direct Labor CostDirect Materials per UnitCost per PoundDirect Labor Cost per HourTotal Required UnitsTotal Required Direct Labor HoursTotal Pounds Needed for ProductionDirect Labor Time (Hours) per Unit$enter a dollar amount $enter a dollar amount select a closing direct materials budget item Beginning Finished Goods UnitsTotal Required UnitsDirect Materials PurchasesTotal Direct Labor CostTotal Materials RequiredTotal Cost of Direct Materials PurchasesBeginning Direct Materials (Pounds)Expected Unit SalesDesired Ending Direct Materials (Pounds)Cost per PoundDirect Labor Cost per HourDirect Labor Time (Hours) per UnitTotal Required Direct Labor HoursTotal Pounds Needed for ProductionDesired Ending Finished Goods UnitsDirect Materials per UnitUnits to be Produced$enter a total dollar amount $enter a total dollar amount $enter a total dollar amount Prepare the direct labor budget. (Enter Direct labor time per unit in proportion to hours, e.g. for 45 minutes the proportion will be 0.75.)
COOK FARM SUPPLY COMPANYDirect Labor Budgetchoose the accounting period For the Six Months Ending June 30, 2020For the Quarter Ending June 30, 2020June 30, 2020QuarterSixMonths12select an opening labor budget item Direct Materials PurchasesUnits to be ProducedDirect Materials per UnitBeginning Direct Materials (Pounds)Expected Unit SalesDesired Ending Direct Materials (Pounds)Total Pounds Needed for ProductionTotal Direct Labor CostDirect Labor Cost per HourDesired Ending Finished Goods UnitsCost per PoundTotal Cost of Direct Materials PurchasesDirect Labor Time (Hours) per UnitTotal Materials RequiredTotal Required UnitsBeginning Finished Goods UnitsTotal Required Direct Labor Hoursenter a number of unitsenter a number of unitsselect a labor budget item Total Cost of Direct Materials PurchasesUnits to be ProducedDirect Labor Cost per HourTotal Required Direct Labor HoursTotal Materials RequiredBeginning Finished Goods UnitsDirect Labor Time (Hours) per UnitDesired Ending Finished Goods UnitsCost per PoundTotal Pounds Needed for ProductionTotal Required UnitsDirect Materials PurchasesDesired Ending Direct Materials (Pounds)Expected Unit SalesTotal Direct Labor CostDirect Materials per UnitBeginning Direct Materials (Pounds)enter a number of hoursenter a number of hoursselect a summarizing line for the first part Total Materials RequiredBeginning Direct Materials (Pounds)Desired Ending Finished Goods UnitsExpected Unit SalesDirect Labor Cost per HourTotal Direct Labor CostUnits to be ProducedTotal Cost of Direct Materials PurchasesDesired Ending Direct Materials (Pounds)Direct Labor Time (Hours) per UnitTotal Required Direct Labor HoursTotal Pounds Needed for ProductionDirect Materials PurchasesCost per PoundDirect Materials per UnitBeginning Finished Goods UnitsTotal Required Unitsenter a total number of hours for the first partenter a total number of hours for the first partselect a labor budget item Expected Unit SalesDirect Labor Time (Hours) per UnitUnits to be ProducedTotal Required Direct Labor HoursTotal Required UnitsTotal Materials RequiredDesired Ending Finished Goods UnitsBeginning Finished Goods UnitsDirect Materials PurchasesBeginning Direct Materials (Pounds)Direct Labor Cost per HourDirect Materials per UnitDesired Ending Direct Materials (Pounds)Total Cost of Direct Materials PurchasesTotal Pounds Needed for ProductionTotal Direct Labor CostCost per Pound$enter a dollar amount $enter a dollar amount select a closing labor budget item Total Direct Labor CostTotal Materials RequiredDirect Materials per UnitTotal Cost of Direct Materials PurchasesTotal Required Direct Labor HoursCost per PoundBeginning Finished Goods UnitsDirect Materials PurchasesTotal Pounds Needed for ProductionDesired Ending Finished Goods UnitsTotal Required UnitsDirect Labor Cost per HourExpected Unit SalesUnits to be ProducedDirect Labor Time (Hours) per UnitBeginning Direct Materials (Pounds)Desired Ending Direct Materials (Pounds)$enter a total dollar amount $enter a total dollar amount $enter a total dollar amount Prepare the selling and administrative expense budget.
COOK FARM SUPPLY COMPANYSelling and Administrative Expense Budgetchoose the accounting period For the Quarter Ending June 30, 2020June 30, 2020For the Six Months Ending June 30, 2020QuarterSixMonths12select an item Budgeted sales in unitsFixed CostTotalVariable Costenter a total number of unitsenter a total number of unitsenter a total number of units select an item TotalVariable CostFixed CostBudgeted sales in units$enter a dollar amount $enter a dollar amount $enter a dollar amount select an item Budgeted sales in unitsFixed CostTotalVariable Costenter a dollar amountenter a dollar amountenter a dollar amountselect a closing budget item Fixed CostTotalVariable CostBudgeted sales in units$enter a total dollar amount $enter a total dollar amount $enter a total dollar amount eTextbook and MediaPrepare the budgeted multiple-step income statement for the first 6 months. (Round intermediate calculations to 2 decimal places and final answer to 0 decimal places, e.g. 1,255.)COOK FARM SUPPLY COMPANYBudgeted Income Statementchoose the accounting period For the Quarter Ending June 30, 2020June 30, 2020For the Six Months Ending June 30, 2020select an income statement item Total Operating ExpensesOperating ExpensesIncome Before Income TaxBeginning InventorySelling and Administrative ExpensesIncome Tax ExpenseInterest ExpenseNet Income / (Loss)Gross ProfitSalesCost of Goods SoldPurchasesIncome from OperationsEnding Inventory$enter a dollar amount select an income statement item Gross ProfitSalesIncome Tax ExpenseCost of Goods SoldIncome from OperationsTotal Operating ExpensesOperating ExpensesSelling and Administrative ExpensesBeginning InventoryNet Income / (Loss)Income Before Income TaxPurchasesInterest ExpenseEnding Inventoryenter a dollar amountselect a summarizing line for the first part Income from OperationsBeginning InventoryTotal Operating ExpensesCost of Goods SoldIncome Before Income TaxSelling and Administrative ExpensesNet Income / (Loss)Operating ExpensesEnding InventoryPurchasesSalesIncome Tax ExpenseInterest ExpenseGross Profitenter a total amount for the first partselect an income statement item Interest ExpenseBeginning InventoryIncome Before Income TaxGross ProfitIncome from OperationsSalesOperating ExpensesTotal Operating ExpensesIncome Tax ExpenseNet Income / (Loss)Selling and Administrative ExpensesEnding InventoryPurchasesCost of Goods Soldenter a dollar amountselect a summarizing line for the second part Cost of Goods SoldPurchasesOperating ExpensesEnding InventoryTotal Operating ExpensesSelling and Administrative ExpensesIncome from OperationsGross ProfitSalesIncome Before Income TaxNet Income / (Loss)Beginning InventoryInterest ExpenseIncome Tax Expenseenter a total amount for the second partselect an income statement item Income Before Income TaxGross ProfitSalesEnding InventoryIncome Tax ExpenseIncome from OperationsTotal Operating ExpensesBeginning InventoryCost of Goods SoldInterest ExpensePurchasesOperating ExpensesNet Income / (Loss)Selling and Administrative Expensesenter a dollar amountselect a summarizing line for the third part Interest ExpenseIncome from OperationsSalesGross ProfitNet Income / (Loss)Income Tax ExpenseBeginning InventoryIncome Before Income TaxPurchasesEnding InventoryOperating ExpensesSelling and Administrative ExpensesTotal Operating ExpensesCost of Goods Soldenter a total amount for the third partselect an income statement item Net Income / (Loss)Cost of Goods SoldEnding InventoryIncome Before Income TaxBeginning InventoryGross ProfitSalesIncome Tax ExpenseTotal Operating ExpensesSelling and Administrative ExpensesPurchasesInterest ExpenseOperating ExpensesIncome from Operationsenter a dollar amountselect a closing name for the budgeted income statement Beginning InventoryGross ProfitTotal Operating ExpensesPurchasesIncome Before Income TaxIncome Tax ExpenseCost of Goods SoldOperating ExpensesEnding InventoryIncome from OperationsInterest ExpenseNet Income / (Loss)Selling and Administrative ExpensesSales$enter a total net income or loss amount
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