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Red Canyon T-shirt Company operates a chain of T-shirt shops in the southwestern United States. The sales manager has provided a sales forecast for the coming year, along with the following information Quarter 1Quarter 2Quarter 3 Quarter 4 50,000 Budgeted Unit Sales 30,000 50,000 25,000 . Each T-shirt is expected to sell for $22 . The purchasing manager buys the T-shirts for $9 each . The company needs to have enough T-shits on hand at the end of each quarter to fill 32 percent of the next quarter's sales demand Selling and administrative expenses are budgeted at $60,000 per quarter plus 20 percent of total sales revenue Required 1. Determine budgeted sales revenue for each quarter Quarter 1 Quarter 2 Quarter 3 Budgeted Sales Revenue 660,000 1.100,000 S 550,000 2. Determine budgeted cost of merchandise purchased for each quarter Quarter 1Quarter 2Quarter 3 Budgeted Cost of Merchandise Purchased 3. Determine budgeted cost of good sold tor each Quarter 1 Quarter 2 Quarter 3 Budgeted Cost of Goods Sold 270,000 450,000 5 225,000 4. Determine seling and administrative expenses for each quarter Budgeted Seling and Administrative Expenses