Strayer University Accounting Budget Worksheet

I’m working on a Accounting exercise and need support.

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, 43,400 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 $1.50 per pound.3.
Desired inventory levels: Type of Inventory

January 1

April 1

July 1

Snare (bags)
8,400
12,500
18,400Gumm (pounds)
9,500
10,300
13,400Tarr (pounds)
14,500
20,100
25,100 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 $300,000 in quarter 1 and $424,500 in quarter 2.

(Note: Do not prepare the manufacturing overhead budget or the direct materials budget for Tarr.)

Prepare the sales budget.

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