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 54,000 Quarter 3 27,000 Quarter 4 54,000 Budgeted Unit Sales 34,000 Each T-shirt is expected to sell for $18. 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 28 percent of the next quarter's sales demand. Selling and administrative expenses are budgeted at $68,000 per quarter plus 14 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 quarten Quarter 1 Quarter2 Quarter 3 Budgeted Cost of Merchandise Purchased