Red Canyon T-shirt Company operates a chain of T-shirt shops in the southwester United States. The sales manager has provided a sales forecast for the coming year, along with the following information: Quarter Quarter Quarter Quarter Budgeted unit sales 46,000 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 e penses for quarters 1.2 and 3 5. Complete the budgeted income station for quarters 1.2 and 3. Quarter 1 Quarter 2 Quarter 3 Budgeted Sales Revenue Quarter 1 Quarter 2 Quarter 3 Budgeted Cost of Merchandise Purchased Quarter 1 Quarter 2 Quarter 3 Budgeted Cost of Goods Sold Quarter 1 Quarter 2 Quarter 3 Budgeted Soling and Administrative Expenses MacBook Pro Yuilo Budgeted Cost of Goods Sold Quarter 1 Quarter 2 Quarter 3 Budgeted Selling and Administrative Expenses 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 nited States) Focus E 3 MacBook Pro