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6 value: 4.00 points PAB-6 Preparing Operating Budgets for a Merchandising Firm [LO 8-5, 8-3a. g, h] Red Canyon T-shirt Company operates a chain of T-shirt shops in the southwestern United States. The sales manager has provided a sales forecast for the coming year, along with the following information: Quarter 1 Quarter 2 53,000 Quarter 3 26,500 Quarter 4 53,000 Budgeted Unit Sales 33,000 Each T-shirt is expected to sell for $19. The purchasing manager buys the T-shirts for $8 each. The company needs to have enough T-shirts on hand at the end of each quarter to fill 29 percent of the next quarter's sales demand Selling and administrative expenses are budgeted at $66,000 per quarter plus 15 percent of total sales revenue. Required: 1. Determine budgeted sales revenue for each quarter. Quarter 1 Quarter 2 Quarter 3 Budgeted Sales Revenue