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Your answer is partially correct. Lockwood Company combines its operating expenses for budget purposes in a selling and administrative expenses budget. For the first six months of 2020, the following data are available: 1. 2. Sales: 19,400 units in quarter 1:22.400 units in quarter 2 Variable costs per dollar of sales: sales commissions 5%; delivery expense 2%; and advertising 4 Fixed costs per quarter: sales salaries $ 10.400; office salaries $ 8,400; depreciation $ 3,800; insurance $ 1.700; utilities $ 700; and repairs expense $ 500 Unit selling price: $ 21 3. 4. Prepare a selling and administrative expenses budget by quarters for the first six months of 2020, LOCKWOOD COMPANY Selling and Administrative Expenses Budget For the Six Months Ending June 30, 2020 1 2 Budgeted Sales 19400 22400 3. Fixed costs per quarter: sales salaries $ 10,400, office salaries $ 8,400, depreciation $3,800 insurance $ 1,700; utilities $ 700; and repairs expense $ 500 Unit selling price: $ 21 4. "repare a selling and administrative expenses budget by quarters for the first six months of 2020. LOCKWOOD COMPANY Selling and Administrative Expenses Budget For the Six Months Ending June 30, 2020 1 2 19400 22400 41800 44814 51744 96558 nistrative Expense 25500 25500 51000 70314 77244 i 147558

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