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Lockwood Company combines its operating expenses for budget purposes in a selling and administrative expenses budget. For the first six months of 2020, the following data are available: 1. Sales: 20,100 units in quarter 1; 22,200 units in quarter 2 2. Variable costs per dollar of sales: sales commissions 5%; delivery expense 2%; and advertising 4% 3. Fixed costs per quarter: sales salaries $9,700; office salaries $7,300; depreciation $3,800; insurance $1,400; utilities $800; and repairs expense $500 4. Unit selling price: $21 Prepare a selling and administrative expenses budget by quarters for the first six months of 2020. LOCKWOOD COMPANY Selling and Administrative Expenses Budget For the Six Months Ending June 30, 2020 1 2 Total $ $ $ tA tALOCKWOOD COMPANY Selling and Administrative Expenses Budget For the Six Months Ending June 30, 2020 2 Total LA $ $ tA $ $ $ $ $In May 2020, the budget committee of Big Jim Stores assembles the following data for preparing the merchandise purchases budget for the month of June: 1. Expected sales: June $521,000; July $563,000. 2. Cost of goods sold is expected to be 75% of sales. 3. Desired ending merchandise inventory is 30% of the following month's cost of goods sold. 4. The beginning inventory at June 1 will be the desired amount. Calculate the budgeted merchandise purchases for June. Budgeted merchandise purchases $ Prepare the budgeted income statement for June through gross profit on sales. BIG JIM STORES Budgeted Income Statement For the Month Ending June 30, 2020 to to to