Stewart Inc., sells tire rims. Its sales budget and Inventory, purchases, and cost of goods sold budget for the nine months ended September 30, 2014, follow (Click the icon to view the sales budget and inventory, purchases, and cost of goods sold budget.) Stewart's selling and administrative expenses include: (Click the icon to view the expenses.) Prepare a selling and administrative expense budget for each of the three quarters of 2014 and totals for the nine-month period. Stewart, Inc. Selling and Administrative Expense Budget Nine Months Ended September 30, 2014 Quarter Quarter Ended Ended March 31 June 30 Quarter Ended September 30 Nine-month Total Variable expenses Total variable expenses Fixed expenses Choose from any list or enter any number in the input fields and then click Check Answer Stewart, Inc. Selling and Administrative Expense Budget Nine Months Ended September 30, 2014 Quarter Quarter Ended Ended March 31 June 30 Quarter Ended Nine-month Total September 30 Variable expenses: Total variable expenses Fixed expenses: Total foxed expenses Total selling and administrative expenses Data Table Stewart, Inc. Sales Budget Nine Months Ended September 30, 2014 Quarter Ended Nine-Month March 31 June 30 September 30 Total $ 45,000 $ 60,000 $ 52,500 $ 157,500 105,000 140,000 122,500 367,500 150,000 $ 200,000 $ 175,000 $ 525,000 Cash sales, 30% Credit sales, 70% Total sales Stewart, Inc. Inventory, Purchases, and Cost of Goods Sold Budget Nine Months Ended September 30, 2014 Quarter Ended Quarter Ended Quarter Ended March 31 June 30 September 30 Cost of goods sold 60,000 $ 80,000 $ Plus: Desired ending merchandise inventory 36,000 35,000 38,000 Total merchandise inventory required $ 96,000 $ 115,000 $ 108,000 Less: Beginning merchandise inventory 15,000 36,000 35,000 Budgeted purchases 81,000 $ 79,000 $ 73,000 Nine-Month Total 70,000 $ 210,000 Print Done i Data Table Rent, $31,000 a month Salaries, $4,000 a month Commissions, 5% of sales Depreciation, $800 a month Miscellaneous expenses, 3% of sales Print Done