Sweeney, 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.) Sweeney'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. Reference - X - X Data Table Sweeney, Inc. Selling and Administrative Expense Budget Nine Months Ended September 30, 2018 Quarter Quarter Ended Ended March 31 June 30 Quarter Ended Nine-month September 30 Total Rent, $2,500 per month Salaries, $2,500 per month Commissions, 4% of sales Depreciation, $1,600 per month Miscellaneous expenses, 2% of sales Variable expenses: Sweeney, Inc. Sales Budget Nine Months Ended September 30, 2018 Quarter Ended Nine-Month March 31 June 30 September 30 Total $ 50,000 $ 70,000 $ 60,000 $ 180.000 75,000 105,000 90.000 270,000 $ 125,000 $ 175,000 $ 150,000 $ 450,000 Cash sales, 40% Credit sales, 60% Total variable expenses Fixed expenses: Print Done Total sales Total fixed expenses Sweeney, 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 Nine-Month Total selling and administrative expenses Total $180,000 Cost of goods sold Plus: Desired ending merchandise inventory Total merchandise inventory required $50,000 $21,000 $70,000 $20,000 $60,000 $23,000 $71.000 $16,000 $90,000 $21.000 $83,000 $20,000 Less: Beginning merchandise inventory Budgeted purchases $55,000 $69,000 $63,000