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: 20,100 units in quarter 1; 22,400 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 $7,600; depreciation $3,800; insurance $1,400; utilities $900; and repairs expense $600 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 $ $ $ $ $ $ $ $ $