Brief Exercise 9-7 Elbert Company classifies its selling and administrative expense budget into variable and fixed components. Variable expenses are expected to be $26,620 in the first quarter, and $5,370 increments are expected in the remaining quarters of 2020. Fixed expenses are expected to be $40,320 in each quarter. Prepare the selling and administrative expense budget by quarters and in total for 2020. ELBERT COMPANY Selling and Administrative Expense Budget Quarter Year $ $ $ $ Direct Labor Direct Materials Fixed Expenses Production Units Sales Total Selling and Administrative Expenses Variable Expenses