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 58,000 Quarter 3 29,000 Quarter 4 58,000 Budgeted Unit Sales 38,000 .Each T-shirt is expected to sell for $13. The purchasing manager buys the T-shirts for $5 each. The company needs to have enough T-shirts on hand at the end of each quarter to fill 23 percent of the next quarter's sales demand. Selling and administrative expenses are budgeted at $76,000 per quarter plus 18 percent of total sales revenue Required 1. Determine budgeted sales revenue for each quarter. Quarter 1 Quarter 2 Quarter 3 Budgeted Sales Revenue 2. Determine budgeted cost of merchandise purchased for each quarter Quarter 1 Quarter 2 Quarter 3 Budgeted Cost of Merchandise Purchased 3. Determine budgeted cost of good sold for each quarter. Quarter 1 Quarter 2 Quarter 3 Budgeted Cost of Goods Sold 4. Determine selling and administrative expenses for each quarter. Quarter 1 Quarter 2 Quarter 3 Budgeted Selling and Administrative Expenses