Reference Smith, Inc. Sales Budget Nine Months Ended September 30, 2018 Quarter Ended Nine-Month Total Cash sales, 20% March 31 June 30 September 30 $ 22,000 $ 32,000 $ 27,000 $ 88,000 128,000 108,000 81,000 324,000 Credit sales, 80% 110,000 $ 160,000 $ 135,000 $ 405,000 Total sales Smith, Inc. Inventory, Purchases, and Cost of Goods Sold Budget Nine Months Ended September 30, 2018 Quarter Quarter Ended Ended Quarter Ended March 31 June 30 September 30 Nine-Month Total $162,000 $44,000 $64,000 $54.000 $14,400 $16,400 Cost of goods sold Desired ending merchandise Plus: inventory Total merchandise inventory required Beginning merchandise Less: inventory Budgeted purchases $58,400 $70,400 $13,400 $77,400 $14,400 $63,000 $13,400 $17.000 $41,400 $57,000 Print Done Smith, Inc., sells tire rims. Its sales budget and inventory, purchases, and cost of goods sold budget for the nine months ended September 30, 2018, follow: (Click the icon to view the sales budget and inventory purchases, and cost of goods sold budget.) Smith's selling and administrative expenses include the following: (Click the icon to view the expenses.) Prepare a selling and administrative expense budget for each of the three quarters of 2018 and totals for the nine-month period. Data Table - X - Rent, $1,200 per month Salaries, $3,800 per month Commissions, 4% of sales Depreciation, $900 per month Miscellaneous expenses, 1% of sales mith, Inc. histrative Expense Budget ded September 30, 2018 Quarter Quarter Ended Ended March 31 June 30 Quarter Nine-month Ended September 30 Total Print Done Total variable expenses Fixed expenses: Salaries Expense Rent Expense Depreciation Expense Total fixed expenses Total selling and administrative expenses Smith, Inc., sells tire rims. Its sales budget and inventory. Smith's selling and administrative expenses include the purchases, and cost of goods sold budget for the nine following: months ended September 30, 2018, follow: (Click the icon to view the expenses.) (Click the icon to view the sales budget and inventory purchases, and cost of goods sold budget.) Prepare a selling and administrative expense budget for each of the three quarters of 2018 and totals for the nine-month period. Smith, Inc. Selling and Administrative Expense Budget Nine Months Ended September 30, 2018 Quarter Quarter Quarter Ended Ended Ended Nine-month March 31 June 30 September 30 Total Variable expenses: Commissions Expense Miscellaneous Expenses Total variable expenses Fixed expenses: Salaries Expense Rent Expense Depreciation Expense Total fixed expenses Total selling and administrative expenses