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. Sales: 20.400 units in quarter 1: 21.900 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 $9,900; office salaries $7.900; depreciation $4.100; insurance $1,600; utilities $800; and repairs expense $500 3. 4. Unit selling price: $21 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 2 Total $ $ $ $ $ $ $