Homework: HW - Chapter 22 Score: 0 of 10 pts 16 of 16 (16 complete) HW Score: 49.94%, 79.9 of X E22-32 (similar to) Question Help Skaff, Inc., sells tire rims. Its sales budget and inventory, purchases, and cost of goods sold budget for the nine months ended September 30, 2018, follow: (Click the icon to view the sales budget and inventory, purchases, and cost of goods sold budget.) Skaff's selling and administrative expenses include the following: (Click the icon to view the expenses.) Prepare a selling and administrative expense budget for each of the three quarters of 2018 and total the nine-month period. Quarter Ended Quarter Ended Quarter Ended September 30 Nine-month March 31 June 30 Total Data Table Variable expenses: Rent, $1,500 per month Total variable expenses Fixed expenses: Salaries, $2,000 per month Commissions, 3% of sales Depreciation, $1,300 per month Miscellaneous expenses, 1% of sales Print Done Total fixed expenses Total selling and administrative expenses March 31 June 30 September 30 Total Cash sales, 30% 40,500 $ 94,500 55,500 $ 129,500 48,000 $ 112,000 144,000 336,000 Credit sales, 70% 135,000 $ 185,000 $ Total sales 160,000 || $ 480,000 Skaff, Inc. Inventory, Purchases, and Cost of Goods Sold Budget Nine Months Ended September 30, 2018 Quarter Ended Quarter Ended Quarter Ended March 31 June 30 September 30 Nine-Month Total $192,000 Cost of goods sold $54,000 $16,400 $74,000 $15,400 $64,000 $18,400 Plus: Desired ending merchandise inventory Total merchandise inventory required $70,400 $36,000 $89,400 $16,400 $82,400 $15,400 Less: Beginning merchandise inventory $34 400 $73 000 $67 000