Question 2 of 3 View Policies Current Attempt in Progress 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: 20,500 units in quarter 1:22,700 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 $10,200, office salaries $8,800, depreciation $4,600, insurance $1700, utilities $700, and repairs expense $600 Unit selling price: $22 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 1 Total s s S e Textbook and Media