e. Quarterly general and administrative expenses include $28,000 administrative salaries, rent expense of $17,000 per quarter, insurance expense of $14,000 per quarter, straight- line depreciation of $14,000 per quarter, and 1% monthly interest on the $200,000 long-term note payable (12% annually). Requirement Using information from the sales budget and the following information, calculate the budgeted cost of goods sold for Carter Inc. The product's manufacturing cost is $183 per unit, including per unit costs of $104 for materials (8 lbs. at $13 per lb.), $54 for direct labor (3 hours x $18 direct labor rate per hour), $21 for variable overhead, and $4 for fixed overhead. Annual fixed overhead consists, incurred evenly throughout the year, consist of depreciation on production equipment, $5,700; factory utilities, $7,200, and other factory overhead of $1,400. Show less A Carter Inc. Cost of Goods Sold Budget For the year ended December 31, 2018 First Qtr. Second Qtr. 990 660 Third Qtr. 880 Fourth Qtr. 880 Total 3,410 Cost of goods sold