Skaff, 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.) Skaffs 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. -X Data Table i Reference Skaff, Inc. Selling and Administrative Expense Budget Nine Months Ended September 30, 2018 Quarter Quarter Ended Ended March 31 June 30 Quarter Nine-month Rent $1,200 per month Ended September 30 Total Salaries, $3.500 per month Commissions, 296 of sales Variable expenses Depreciation, $1,300 per month Miscellaneous expenses, 1% of sales Skaff, Inc. Sales Budget Nine Months Ended September 30, 2018 Quarter Ended Nine-Month March 31 June 30 September 30 Total $ 31,000 $ 41,000 $ 36,000 $ 108,000 124.000 184.000 144.000 432.000 $ 155,000 $ 205,000 $ 180,000 $ 540.000 Total variable expenses Cash sales, 20% Credit sales, 80% Fixed expenses: Print Done Total sales Total fixed expenses Skaff, Inc. Inventory, Purchases, and Cost of Goods Sold Budget Nine Months Ended September 30, 2018 Quarter Ended Quarter Ended Quarter Ended March 31 June 30 September 30 Total selling and administrative expenses Nine-Month Total $216,000 $62.000 $22.200 $82,000 $21,200 $72,000 $24,200 Cost of goods sold Plus: Desired ending merchandise inventory Total merchandise inventory required Less: Beginning merchandise inventory Budgeted purchases $84,200 $37,000 $103,200 $22,200 $96,200 $21,200 $47,200 $81.000 $75,000 Print Done