Scannell, Inc., sells tire rims. Its sales budget and inventory, purchases, and cost of goods sold budget for the nine months ended September 30, 2024, 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: Click the icon to view the expenses.) Prepare a selling and administrative expense budget for each of the three quarters of 2024 and totals for the nine-month period. Data Table Rent, $2,500 per month Salaries, $1,500 per month Commissions, 3% of sales Depreciation, $1,100 per month Miscellaneous expenses, 2% of sales Scannell, Inc. Sales Budget Nine Months Ended September 30, 2024 Quarter Ended Nine-Month March 31 June 30 September 30 Total $ 22,000 $ 32,000 $ 27,000 $ 81,000 88,000 128,000 108,000 324,000 $ 110,000 $ 160,000 $ 135,000 $ 405,000 Cash sales, 20% Credit sales, 80% Total sales Scannell, Inc. Inventory, Purchases, and Cost of Goods Sold Budget Nine Months Ended September 30, 2024 Quarter Ended Quarter Ended Quarter Ended March 31 June 30 September 30 Nine-Month Total $162,000 $44,000 $31,400 $64,000 $30,400 $54.000 $33,400 Cost of goods sold Plus: Desired ending merchandise inventory Total merchandise inventory required Less: Beginning merchandise inventory Budgeted purchases $75,400 $17,000 $94.400 $31,4001 $87.400 $30,400 $58,400 $63,000 $57.000 Selling and Administrative Expense Budget Nine Months Ended September 30, 2024 Quarter Quarter Ended Ended March 31 June 30 Quarter Ended September 30 Nine-month Total Variable expenses: Total variable expenses Fixed expenses: Total fixed expenses Total selling and administrative expenses