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: 19,900 units in quarter 1; 22,000 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 $9,200; office salaries $8,200; depreciation $4,300; insurance $1,400; utilities $700; and repairs expense $400 4. Unit selling price: $19 Prepare a selling and administrative expenses budget by quarters for the first six months of 2020.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 2 Total $ Variable Expenses $ Total Selling and Administrative Expense Budgeted Sales Fixed Expenses Operating Expenses $ $ $