Quarteny general and administratve expenses inciude$4000 administrative salaries, rent expense of $4,000 per quarter, insurance expense of $3,000 per quarter, straight- line depreciation of $3,000 per quarter, and 1% monthly interest on the $150,000 long-term note payable (12% annually). Income taxes will be assessed at 25%, and are paid in the quarter incurred Production Direct Mtls Direct Lbr Factory OH Selling Exp in Exp Cost of Income Sales Budget Budget Budget Budget BudgetBudget Goods Sold Statement Requirement Prepare the Administrative Expense Budget for Mitchell Inc. Quarterly general and administrative expenses include $7,000 administrative salaries, rent expense of $4,000 per quarter, insurance expense of $3,000 per quarter, straight-line depreciation of $3,000 per quarter, and 1% monthly interest on the $150,000 long-term note payable (3% quarterly). Show less Mitchell Inc. General and Administrative Budget For the year ended December 31, 2018 First Qtr. Second Qtr. Third Qtr.Fourth Qtr Total Total budgeted general and administrative expenses Selling Exp Budget Cost of Goods Sold>