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. 2. 3. Sales: 20,400 units in quarter 1; 21,400 units in quarter 2 Variable costs per dollar of sales: sales commissions 5%; delivery expense 2%; and advertising 4% Fixed costs per quarter: sales salaries $9,500; office salaries $8,100; depreciation $4,300; insurance $1,700; utilities $900; and repairs expense $400 Unit selling price: $20 4. 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 > $ $ $ $ $ $ $ $ $ $ $