Question 33 of 34

Question 33 of 34 View Policies Current Attempt in Progress 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. 3. 4. Sales: 20,600 units in quarter 1; 22,500 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 $9,800; office salaries $7,800; depreciation $4,000; insurance $1,300; utilities $800; and repairs expense $500 Unit selling price: $19 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 Total