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. Variable expenses: Total variable expenses Fixed expenses: Smith, Inc. Selling and Administrative Expense Budget Nine Months Ended September 30, 2018 i Reference Quarter Ended Quarter Quarter Nine Months Ended September 30, 2018 Ended March 31 June 30 Ended September 30 Nine-month Quarter Ended Nine-Month Total March 31 June 30 September 30 Total Cash sales, 20% $ 30,000 $ 120,000 40,000||$ 160,000 35,000 $ 105,000 Credit sales, 80% 140,000 175,000||$ 420,000 525,000 Total sales $ 150,000||$ 200,000||$ Smith, Inc. Inventory, Purchases, and Cost of Goods Sold Budget Nine Months Ended September 30, 2018 Quarter Ended March 31 Quarter Ended Quarter Ended June 30 September 30 Nine-Month Total Total fixed expenses Total selling and administrative expenses $210,000 Cost of goods sold $60,000 $80,000 $70,000 Plus: Desired ending merchandise inventory $38,000 $37,000 $40,000 Choose from any list or enter any number in the input fields and then click Check Answer. Total merchandise inventory required $98,000 $117,000 $110,000 Less: Beginning merchandise inventory $19,000 $38,000 $37,000 All parts showing $79,000 $79,000 $73,000 Budgeted purchases Rent, $2,700 per month Salaries, $4,500 per month Commissions, 3% of sales Depreciation, $1,100 per month Miscellaneous expenses, 1% of sales