- Each T-shirt is expected to sell for $16. - The purchasing manager buys the T-shirts for $6 each. - The company needs to have enough T-shirts on hand at the end of each quarter to fill 26 percent of the next quarter's sales demand. - Selling and administrative expenses are budgeted at $82,000 per quarter plus 12 percent of total sales revenue. ?equired: 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. 1. Determine selling and administrative expense for each quarter. 5. Complete the budgeted income statement for each quarter. Complete this question by entering your answers in the tabs below. Determine budgeted cost of merchandise purchased for each quarter. Complete this question by entering your answers in the tabs below. Determine selling and administrative expense for each quarter. Complete this question by entering your answers in the tabs below. Comnlete the budgeted income statement for each quarter