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Red Canyon T-shirt Company operates a chain of T-shirt shops in the southwestern United States. The sales manager has provided a sales forecast for the coming year, along with the following information: Budgeted Unit Sales Quarter 1 40,000 Quarter-2 60,000 Quarter: 3 30,000 Quarter 4 60,000 56:03 . Each T-shirt is expected to sell for $15. 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 25 percent of the next quarter's sales demand. Selling and administrative expenses are budgeted at $80,000 per quarter plus 10 percent of total sales revenue. . ok ences Required: 1. Determine budgeted sales revenue for each quarter. Quarter 1 Quarter 2 Quarter 3 Budgeted Sales Revenue $ 600,000 $ 900.000 $ 450,000 2. Determine budgeted cost of merchandise purchased for each quarter. Quarter 1 Quarter 2 Quarter 3 Budgeted Cost of Merchandise Purchased $ 270,000 $ 315,000 $ 25,000 2. Determine budgeted cost of merchandise purchased for each quarter. 5:47 Quarter 1 Quarter 2 Quarter 3 Budgeted Cost of Merchandise Purchased 270.000 $ 315.000 $ 225.000 ences 3. Determine budgeted cost of good sold for each quarter. Quarter 1 Quarter 2 Quarter 3 Budgeted Cost of Goods Sold 4. Determine selling and administrative expenses for each quarter. Quarter 1 Quarter 2 Quarter 3 Budgeted Selling and Administrative Expenses 4. Determine selling and administrative expenses for each quarter. Quarter 1 3:32 Quarter 2 Quarter 3 Budgeted Selling and Administrative Expenses ces 5. Complete the budgeted income statement for each quarter. RED CANYON T.SHIRT COMPANY Budgeted Income Statement, Quarter 1 Quarter 2 Quarter 3 Budgeted Gross Margin Budgeted Net Operating Income