Swenson, 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:

Swenson, Inc.

Sales Budget

Nine Months Ended September 30, 2018

Quarter Ended Nine-Month

March 31 June 30 September 30

Total

Cash sales, 30% $45,000 $60,000 $52,500 $157,500

Credit sales, 70% 105,000 140,000 122,500 367,500

Total sales $150,000 $200,000 $175,000 $525,000

Swenson, Inc.

Inventory, Purchases, and Cost of Goods Sold Budget

Nine Months Ended September 30, 2018

Quarter Ended Quarter Ended Quarter Ended Nine-Month

March 31 June 30 September 30 Total

Cost of goods sold $60,000 $80,000 $70,000 $210,000

Plus: Desired ending merchandise inventory $16,000 $15,000 $18,000

Total merchandise inventory required $76,000 $95,000 $88,000

Less: Beginning merchandise inventory $18,000 $16,000 $15,000

Budgeted purchase $58,000 $79,000 $73,000

Swenson's selling and administrative expenses include the following:LOADING...(Click the icon to view the expenses.)

Rent, $1,000 per month

Salaries, $2,000 per month

Commissions, 5% of sales

Depreciation, $800 per month

Miscellaneous expenses, 2% of sales

Prepare a selling and administrative expense budget for each of the three quarters of 2018 and totals for the nine-month period.