CRN 13811 Section 2 0 Sullivan, Inc., sells tire rims. Its sales budget and inventory purchases, and cost of goods sold budget for the nine months ended September 30, 2024, follow: (Click the icon to view the sales budget and inventory purchases, and cost of goods sold budget.) Sullivan's selling and administrative expenses include the following 2 (Click the icon to view the expenses.) Prepare a selling and administrative expense budget for each of the three quarters of 2024 and totals for the nine-month period. Sullivan, Inc. Selling and Administrative Expense Budget Nine Months Ended September 30, 2024 Quarter Quarter Quarter Ended Ended Ended Nine-month March 31 June 30 Total September 30 Variable expenses: (2) Total variable expenses Fixed expenses: (3) (4) (5) Total fixed expenses Total selling and administrative expenses 1: Reference Sullivan, Inc. Sales Budget Nine Months Ended September 30, 2024 Quarter Ended Nine-Month March 31 June 30 Total September 30 $ 45,000 $ 60,000||$ 52,500 $ Cash sales, 30% 157,500 367,500 105,000 140,000 122,500 Credit sales, 70% $ 525,000 150,000 $ 200,000 $ 175,000 $ Total sales Chapter Master Budgets-Mag Sullivan, Inc Inventory, Purchases, and Cost of Goods Sold Budget Nine Months Ended September 30, 2024 Quarter Ended Quarter Ended Quarter Ended March 31 June 30 September 30 Nine-Month Total $210.000 $60,000 $28,000 $80,000 $27,000 $70,000 $30,000 Cost of goods sold Plus: Desired ending merchandise inventory Total merchandise inventory required $88,000 $17,000 $107.000 $28.000 $100,000 $27,000 Less: Beginning merchandise inventory $71,000 $79.000 $73,000 Budgeted purchases 2: Data Table Rent, $1,000 per month Salaries, $2,500 per month Commissions, 5% of sales Depreciation, $1,500 per month Miscellaneous expenses, 1% of sales