Y. Write your answer in the space provided or on a separate sheet of paper. 1) From the following details, provided by a merchandising company, prepare the selling and administrative expense budget for the first quarter of the next year. Rent Expense Depreciation Expense Insurance Expense Miscellaneous Expense Commissions Expense Salaries Expense $8,000 per month $3,500 per month $1,250 per month 2% of sales, paid as incurred 10% of sales $7,000 per month an Feb March Sales $50,000 $65,000$80,000