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: Budgeted unit sales Quarter 1 Quarter 2 Quarter 3 Quarter 4 50,000 80,000 40,000 Each T-shirt is expected to sell for $25. The purchasing manager buys the T-shirts for $10 each. 80,000. The company needs to have enough T-shirts on hand at the end of each quarter to fill 35 percent of the next quarter's sales demand. Selling and administrative expenses are budgeted at $100,000 per quarter plus 15 percent of total sales revenue. Required: 1. Determine budgeted sales revenue for each quarter. 2. Determine budgeted cost of merchandise purchased for each quarter. 3. Determine budgeted cost of good sold for each quarter. 4. Determine selling and administrative expense for each quarter. 5. Complete the budgeted income statement for each quarter. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers Required 1 Required 2 Required 3 Required 4 Required 5 Determine budgeted cost of merchandise purchased for each quarter. S Quarter 1 Quarter 2 Quarter 3 Budgeted Cost of Merchandise Purchased < Required 1 Required 3 > Complete this question by entering your answers in the tabs below. Required Required 2 Required 3 Required 4 Required 5 Required 1 Determined sales revenue for each quarter. Quarter 1 Quarter 2 Quarter 3 Budgeted Sales Revenue. Required 1 Required 2 > 2. Determine budgeted cost of merchandise purchased for each quarter. 3. Determine budgeted cost of good sold for each quarter. 4. Determine selling and administrative expense for each quarter. 5. Complete the budgeted income statement for each quarter. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Determine budgeted cost of good sold for each quarter. Quarter 1 Quarter 2 Quarter 3 Budgeted Cost of Goods Sold Required: 1. Determine budgeted sales revenue for each quarter. 2. Determine budgeted cost of merchandise purchased for each quarter. 3. Determine budgeted cost of good sold for each quarter. 4. Determine selling and administrative expense for each quarter. 5. Complete the budgeted income statement for each quarter. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Determine selling and administrative expense for each quarter. Quarter 1 Quarter 2 Quarter 3 Budgeted Selling and Administrative Expense < Required 3 Required 5 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Complete the budgeted income statement for each quarter. RED CANYON T-SHIRT COMPANY Budgeted Income Statement Budgeted Gross Margin Quarter 1 Carter 2 Quarter 3 Budgeted Net Operating Income < Required 4 Required 5