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: 19,500 units in quarter 1; 22,500 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 $ 10,000; office salaries $ 7,400; depreciation $ 4,200; insurance $ 1,700; utilities $ 800; and repairs expense $ 600 4. Unit selling price: $22 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 Budgeted Sales 429000 $ 495000 $ 9 Variable Expenses $ $ Fixed Expenses Total Selling and Administrative Expense v $ $