Prepare a selling and administrative expense budget for each of the three quarters of 2016 and totals for the nine-month period Ended March 31 Ended Nine-month Ended June 30 September 30 Total Variable expenses Data Table Total variable expenses Rent, $2,700 per month Salaries, $3,500 per month Commissions, 5% of sales Depreciation, $1,300 per month Miscellaneous expenses, 3% of sales Fixed expenses: Total fixed expenses Total selling and administrative expenses Print Done Scannell, Inc. Sales Budget Nine Months Ended September 30, 2016 Quarter Ended Nine-Month March 31June 30 September 30 $ 34,500 $49,500 $ Total Cash sales, 30% Credit sales, 70% Total sales 42,000 $ 98,000 140,000 $ 126,000 294,000 420,000 80,500 115,500 $ 115,000 $165,000 $ Scannell, Inc. Inventory, Purchases, and Cost of Goods Sold Budget Nine Months Ended September 30, 2016 Quarter Ended Quarter Ended Quarter Ended Nine-Month March 31 June 30 September 30 Total 56,000 $ 28,600 84,600 25,600 59,000 168,000 Cost of goods sold Plus Desired ending merchandise inventory Total merchandise inventory required Less: Beginning merchandise inventory Budgeted purchases 46,000$ 26,600 72,600 $ 35,000 37,600 $ 66,000$ 25,600 91,600 $ 26,600 65,000 $