beginning inventory 8. Preparing a Selling and Administrative Expenses Budget goods sold budget for Andrews Company: Fazel Company makes and sells paper products. In the coming year, Fazel expects total sales of P19,730,000. There is a 3% commission on sales. In addition, fixed expenses of the sales and administrative offices include the following: O Salaries P960,000 Utilities 365,000 Office space 230,000 Advertising 1,200,000 Required: Prepare a budgeted income statement for Oliver Company for the coming year. (Note: Round all income statement amounts to the nearest dollar). Prena