Exercise 8-6 (Static) Selling and Administrative Expense Budget (L08-7) Weller Company's budgeted unlt sales for the upcoming fiscal year are provided below. 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Budgeted unit sales 15,000 16,000 14,000 13,880 The company's variable selling and administrative expense per unit is $2.50. Fixed selling and administrative expenses include advertising expenses of $8,000 per quarter, executive salaries of $35,000 per quarter, and depreciation of $20,000 per quarter. In addition, the company will make insurance payments of $5,000 in the first quarter and $5,000 in the third quarter. Finally, property taxes of $8,000 will be paid in the second quarter. Required: Prepare the company's selling and administrative expense budget for the upcoming fiscal year. (Round "Per Unit" answers to 2 decimal places.) Ces Weller Company Selling and Administrative Expense Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 15,000 10,000 14.000 13,000 $ 2.50 $ 2.500 5 2.500 5 2.50 $ $ 37,500 $ 40,000 $ 35,000 $ 32,500 s Year 58,000 2.50 145,000 Variable selling and administrative expense per unit Variable selling and administrative expense Fixed selling and administrative expenses Advertising Executive salaries Depreciation Insurance 8,000 8,000 35,000 20.000 5.000 35,000 20,000 8,000 35.000 20.000 5.000 8,000 35,000 20,000 32,000 140,000 80,000 10,000 Total fund selling and administrative expenses Total selling and administrative expenses 68,000 105,500 63.000 103,000 68,000 103,000 63,000 95,500 262,000 407,000 460 Exercise 8-8 (Static) Budgeted Income Statement (LO8-9) Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process: Budgeted unit sales Selling price per unit $ 1,950 Cost per unit $ 1,575 Variable selling and adninistrative expense (per unit) $ 75 Fixed selling and administrative expense (per year) $ 105,000 Interest expense for the year $ 14,000 Required: Prepare the company's budgeted income statement for the year. Gia Harbor Boating Budgeted Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses