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: (Click the icon to view the sales budget and inventory, purchases, and cost of goods sold budget.) Swenson'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. Ended Ended Ended Nine-month Total Data Table March 31 June 30 September 30 Variable expenses: Total variable expenses Fixed expenses: Rent, $3,200 per month Salaries, $3,500 per month Commissions, 2% of sales Depreciation, $1,100 per month Miscellaneous expenses, 1% of sales Print Done Total fixed expenses Total selling and administrative expenses Choose from any list or enter any number in the input fields and then click Check Answer. Cash sales, 20% $ 20,000||$ 80,000 30,000 || $ 120,000 25,000||$ 100,000 75,000 300,000 Credit sales, 80% $ 100,000 $ 150,000 $ 125,000||$ 375,000 Total sales 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 $150,000 Cost of goods sold $40,000 $15,000 $60,000 $14,000 $50,000 $17,000 Plus: Desired ending merchandise inventory Total merchandise inventory required $55,000 $15,000 $74,000 $15,000 $67,000 $14,000 Less: Beginning merchandise inventory $40,000 $59,000 $53,000 Budgeted purchases