Assume a company reported the following information for this year. Budgeted (estimated) production Budgeted sales Production capacity Selling price Variable manufacturing cost Estimated total manufacturing overhead cost (all fixed) Selling and administrative expenses (all fixed) Beginning inventories 80,000 units 80,000 units 100,000 units $ 25 per unit $ 12 per unit $700,000 $250,000 $ @ Using a predetermined overhead rate based on capacity with units produced" as the allocation base, the company's budgeted income statement would report a gross margin thot is closest to: Multiple Choice $1,300,000 Hanga $340,000 590.000