Red Canyon T-shirt Company operates a chain of T-shirt shops in the southwestern United States. The sales manager has provided sales forecast for the coming year, along with the following information: Budgeted unit sales Quarter 1 Quarter 2 Quarter 3 Quarter 4 46,800 72,000 36,000 72,000 Each T-shirt is expected to sell for $21. The purchasing manager buys the T-shirts for $8 each The company needs to have enough T-shirts on hand at the end of each quarter to fill 31 percent of the next quarter's sales demand Selling and administrative expenses are budgeted at $92,000 per quarter plus 20 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 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 1 Required 2 Required 3 Required 4 4 Required 5 Determine budgeted sales revenue for each quarter. Quarter 1 Quarter 2 Quarter 3 Budpoled Sales Revenue Complete this question by entering your answers in the tabs below. Required 1 Requked 2 Required 3 Required 4 Required 5 Determine budgeted cost of merchandise purchased for each quarter. Quarter 1 Quarter 2 Quarter 3 Budgeted Cost of Merchandise Purchased -quired 1 Required 2 Requided 3 Required 4 Required 5 termine budgeted cost of good sold for each quarter. Quarter 1 Quarter 2 Quarter 3 geted Cost of Goods Sold Required 1 Required 2 Required 3 Required 4 Required 5 Determine selling and administrative expenses for each quarter. Quarter 1 Quarter 2 Quarter 3 Budgeted Selling and Administrative Expenses 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 Quarter 1 Quarter 2 Quarter 3 Budgeted Gross Margin Budgeted Net Operating income