Budgeted unit sales Quarter 1 Quarter 2 Quarter 3 Quarter 4 48,000 Each T-shirt is expected to sell for $23. 76,000 38,000 The purchasing manager buys the T-shirts for $9 each. 76,000 The company needs to have enough T-shirts on hand at the end of each quarter to fill 33 percent of the next quarter's sales demand. Selling and administrative expenses are budgeted at $96,000 per quarter plus 12 percent of total sales revenue. Required: 1. Determine budgeted sales revenue for each quarter. 2. Determine budgeted cost of merchandise purchased for each quarter. 3. Determine budgeted cost of good sold for each quarter. 4. Determine selling and administrative expense for each quarter. 5. Complete the budgeted income statement for each quarter. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Determine budgeted sales revenue for each quarter. Budgeted Sales Revenue Quarter 1 Quarter 2 Quarter 3 $ 1,104,000 $ 1,748,000 $874,000 < Required 1 Required 2 > Required 1 Required 2 Required 3 Required 4 Required 5 Complete the budgeted income statement for each quarter. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Determine budgeted cost of merchandise purchased for each quarter. Quarter 1 Quarter 2 Quarter 3 Budgeted Cost of Merchandise Purchased $ 142,560 $ 911,880 $ 342,000 < Required 1 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Determine budgeted cost of good sold for each quarter. Budgeted Cost of Goods Sold Quarter 1 Quarter 2 Quarter 3 $ 289,440 $ 911,880 $ 229,080 < Required 2 Required 3 > Budgeted Gross Margin Complete this question by entering your answers in the tabs below. RED CANYON T-SHIRT COMPANY Budgeted Income Statement Quarter 1 Quarter 2 Quarter 3 Budgeted Net Operating Income < Required 4 Required 5 > Required 4 > Required 1 Required 2 Required 3 Required 4 Required S Complete the budgeted income statement for each quarter. RED CANYON T-SHIRT COMPANY Budgeted Income Statement Quarter 1 Quarter 2 Quarter 3 Required 1 Required 2 Required 3 Required 4 Required 5 Determine selling and administrative expense for each quarter. Quarter 1 Quarter 2 Quarter 3 $ 228,480 S 373,760 > S 185,280 x Budgeted Selling and Administrative Expense < Required 3 Required 5 Budgeted Contribution Margin Budgeted Cost of Goods Sold Budgeted Interest Expense Budgeted Sales Returns and Allowances Budgeted Net Operating Income