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 1 Quarter 2 12,000 64, INNO Quarter 3 32.60 Quarter 4 64.ee Budgeted unit sales Esch T-shirt is expected to sell for $17. The purchasing manager buys the T-shirts for $7 each The company needs to have enough T-shirts on hand at the end of each quarter to fill 27 percent of the next quarter's sales demand Selling and administrative expenses are budgeted at $84.000 per quarter plus 14 percent of total sales revenue. Required: 1. Determine budgeted sales revenue for quarters 1, 2 and 3. 2. Determine budgeted cost of merchandise purchased for quarters 1, 2, and 3. 3. Determine Dudgeted cost of good sold for quarters 1, 2, and 3. 4. Determine selling and administrative expenses for quarters 1, 2 and 3. 5. Complete the budgeted income statement for quarters 1, 2 and 3 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Determine budgeted sales revenue for each quarter. Quarter 1 Quarter 2 Quarter Budgeted Sales Revenue Required 2 > Required 1 Required 2 Required 3 Required 4 Required 5 Determine budgeAg cost of merchandise purchased for each quarter. Quarter 1 Quarter 2 Quarter Budgeted Cost of Merchandise Purchased 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 Budgeted Cost of Goods Sold 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 expenses de Sach quarter Quarter f Quarter 2 Quarter Budgeted Seling and Administrative Expenses Required: 1. Determine budgeted sales revenue for quarters 1, 2 and 3 2. Determine budgeted cost of merchandise purchased for quarters 12 and 3. 3. Determine budgeted cost of good sold for quarters 1, 2 and 3 4. Determine selling and administrative expenses for quarters 1, 2 and 3 5. Complete the budgeted income statement for quarters 1.2 and 3. Complete this question by entering your answers in the tabs below. Required: Required 2 Required Required 4 Required 5 ho Complete the budgeted Income statement for each quartet RED CANYON T-SHIRT COMPANY Budgeted Income Statement Quarter 1 Quarter 2 Quarter Budgeted Gross Margin Budgeled Net Operating income