E22A-34 Preparing an operating budget-selling and administrative expense budget Consider the sales budget presented in Exercise E22A-33. Stewart's selling and administrative expenses include the following: Rent, $1,100 per month Salaries, $2,000 per month Commissions, 4% of sales Depreciation, $1,800 per month Miscellaneous expenses, 3% of sales Prepare a selling and administrative expense budget for each of the three quarters of 2016 and totals for the nine-month period.