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: 21.900 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 Unit selling price: $21 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 2 Total $ $ VA $ $