Scannell, 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.) Scannell's selling and administrative expenses include the following: EE(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. 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: Rent Expense Salaries Expense Depreciation Expense Total fixed expenses Total selling and administrative expenses Choose from any list or enter any number the input fields and then click Check Answer. Data Table Rent, $1,600 per month Salaries, $3,800 per month Commissions, 2% of sales Depreciation, $1,200 per month Miscellaneous expenses, 1% of sales Print Done March 31 June 30 September 30 Total 33,000 S 23,000 $ 28,000 $ Cash sales, 20% 84,000 92,000 132,000 112,000 336,000 Credit sales, 80% 165,000 $ 115,000 $ 140,000 $ 420,000 Total sales Scannell, Inc. Inventory, Purchases, and Cost of Goods Sold Budget Nine Months Ended September 30, 2018 Quarter Ended Quarter Ended Quarter Ended Nine-Month March 31 June 30 September 30 Total $168,000 $46,000 Cost of goods sold $66,000 $56,000 $3,600 $36,600 $34,600 Plus: Desired ending merchandise inventory $92,600 Total merchandise inventory required $80,600 $99,600 $34,600 $37,000 $33,600 Less: Beginning merchandise inventory $59,000 $43,600 $65,000 Budgeted purchases