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: 20,100 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 $9,600; office salaries $8,300; depreciation $4,400; insurance $1,500; utilities $900; and repairs expense $400 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 Total Budgeted Sales $ $ $ Variable Expenses $ $ $ Fixed Expenses Total Selling and Administrative Expense $ $ $